Technology Stocks Tumble at NYSE Closing Bell

About This Source - Bloomberg QuickTake News

QuickTake is a series by Bloomberg which is tagged “Global news the world needs today.” Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake News:

  • Kitty-Cams show Cape Town Cats Hunting for More Than You Might Expect
  • LIVE: Federal Judge Blocks U.S. Postal Service Changes That Slowed Mail | Happening Today
  • How Taiwan Plans to Go 5G Without China
  • Bloomberg QuickTake News published this video item, entitled “Technology Stocks Tumble at NYSE Closing Bell” – below is their description.

    U.S. stocks sank for a third day, with a selloff in technology shares picking up steam as investors fled the high flyers who fueled a historic five-month rally. Oil plunged, while Treasuries rose with the dollar. Volatility roiled financial markets, sending the Nasdaq 100 down 4.8% and leaving it 11% off its record set last Wednesday. Tesla suffered the worst rout in its history and is now down 34% in September. Apple’s 6.9% plunge wiped out almost $140 billion in market value Tuesday, while its three-day slide swelled to 14%, the most since October 2008. Investors have been spooked by the last leg of a rally that drove valuations to levels last seen in the dot-com era. Few pockets of the market were spared, with 450 S&P 500 members lower and only five Nasdaq 100 components higher. The broader index hit the lowest since Aug. 11. West Texas Intermediate crude plunged almost 8% in New York. The speculative fever that drove huge bullish bets in options markets and saw shares in bankrupt companies surge has broken in September, wiping out trillions in market value. The hardest-hit sectors remain sharply higher for the year, stoking debate among strategists over whether the latest pullback is a sign of market health or the start of a larger drawdown that has further to go. “Some froth has come off the market which is a good thing, but keep in mind that we still remain well over levels that could be considered ‘fair value’ in stocks,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote in a note. “And while the outlook for stocks remains generally constructive long term, there’s a lot more downside in this market if we get any major disappointments.” For now, traders sought the safety of haven assets, pushing Treasury yields lower and strengthening the dollar. Gold declined. The U.S. and China relationship is also back in focus after President Donald Trump said he plans to end America’s reliance on the country. Trump also threatened to punish any American companies that create jobs overseas and to forbid those that do business in China from winning federal contracts. “The path of least resistance for the market may well be to test the downside,” said Peter Chatwell, head of a multi-asset strategy at Mizuho International Plc. “Ultimately, if there is more selloff, I suspect real money investors will take the opportunity to buy the dip.”

    Bloomberg QuickTake News YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: Donald Trump

    Donald John Trump is the 45th and current president of the United States. Before entering politics, he was a businessman and television personality. Trump was born and raised in Queens, a borough of New York City, and received a bachelor’s degree in economics from the Wharton School.

    5 Recent Items: Donald Trump

  • Coronavirus: Australia technically out of recession; Trump frustrated with vaccine | 9News Australia
  • Giuliani Already Asked Trump for a Pardon | The Tonight Show
  • US attorney general says no evidence of election-altering fraud
  • US election: Georgia election official to Trump: “stop inspiring people to commit acts of violence”
  • Matt Gaetz urges Trump to pardon himself and his family
  • In This Story: S&P

    S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. One division of the business, S&P Global Ratings, is considered the largest of the Big Three credit-rating agencies, which also include Moody’s Investors Service and Fitch Ratings.

    2 Recent Items: S&P

  • S&P 500, Nasdaq end at record highs on vaccine optimism
  • Tesla S&P Debut Comes All at Once
  • Leave a Comment