Saturday, 27 February, 2021


Tech rout deepens, Nasdaq set for worst two-day fall since March

A man walks near the New York Stock Exchange A man walks near the New York Stock Exchange
Conrad Doyle | 05 September, 2020, 04:54

While data Thursday showed applications for jobless claims fell last week, USA investors may need evidence of a fuller economic recovery after a 60% run-up in the S&P 500 since its March lows. Australia's S&P/ASX 200 gave up 2.6% to 5,952.70 and the Shanghai Composite index slipped 1.2% to 3,344.38.

The Dow Jones Industrial Average and the S&P 500 were off by about two per cent nearing midday, while the technology-focused Nasdaq was doing twice as bad, off another four per cent after losing five per cent on Thursday. The broader market fared better, with the S&P 500 Index down less than one per cent in the afternoon. And yet, Apple is still up 64.8% this year, while Amazon is up 78.3%. They've also assigned lofty market values to new-found darlings such as Zoom Video Communications as many Americans work remotely and students do online learning.

The Dow saw a swing of 875 from high to low.

Tesla Inc. shares tumbled 6% postmarket Friday as investors who contributed to its jaw-dropping rally this year in anticipation it may join the S&P 500 Index will have to wait for another day. Facebook and Amazon.com were down 1.7% each.

"What we're seeing here just a little bit of a reckoning", said Nancy Prial, co-chief executive officer at Essex Investment Management.

Shares fell across the region Friday, with Tokyo's Nikkei 225 shedding 1.1%.

Stocks fell after the Labor Department said on Friday that United States hiring slowed to 1.4 million last month, the fewest jobs since the pandemic began, even as the nation's unemployment rate improved to 8.4 percent from 10.2 percent. Tens of millions of Americans remain unemployed however, as seen by this week's unemployment benefits numbers.

The Nasdaq 100 Index fell 1.3%.

The US economy has recovered about half the 22 million jobs lost to the pandemic.

The S&P 500 tech sector sank 1.34 percent, following a 5.83-percent drop in the previous session.

Stocks also fell overseas.

The data highlighted a patchy recovery in the labor market, adding pressure on the White House and Congress to restart stalled negotiations over the next coronavirus relief package to lift the economy out of the worst recession since the Great Depression. Nvidia, Qorvo and Advanced Micro Devices fell 8% or more. Treasuries and the dollar were steady, with moves into haven assets muted despite the pronounced drop in equities.

West Texas Intermediate crude declined 0.6% to $41.12 a barrel.Gold was at $1,936.72 an ounce, up 0.3%. The euro edged higher to $1.1854 from $1.1852.

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