The tech-heavy Nasdaq Composite underperformed once again on Tuesday — falling more than 4% — after suffering its worst week since March. The Nasdaq has lost more than 10% in the past three sessions, officially entering correction territory. The index is still more than 63% from its 52-week low in March.
In addition to the high flying FAANG names and stay-at-home stocks, chip stocks were among the biggest losers as tensions between U.S. and China continued to escalate. Meanwhile, a 21% drop in Tesla — its largest single-day stock drop — dragged down the Nasdaq. Tesla was excluded from joining the S&P 500 on Friday.
The Dow Jones Industrial Average cratered more than 600 points, weighed on by a near-6% drop in Boeing. The S&P dipped 2.7%, for its third straight negative day for the first time since June 11.
CW8888: Lack of Tech stocks in STI also follows Uncle DOW to panic selling meh?
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GSS starting? LOL
ReplyDeleteAnyway I'm happy to see a little bit of selling. Makes things more sustainable.
Continue to monitor... :)