The Dow Jones Industrial Average was down 1.6%, around 450 points, on Tuesday, while the S&P 500 fell 1.9% and the tech-heavy Nasdaq Composite lost 2.9%.
The tech sell-off continued on Tuesday, dragging the market lower as investors once again rotated out of hot Nasdaq stocks: Shares of Facebook, Amazon, Netflix and Google-parent Alphabet fell more than 3%, while Apple dropped over 5%. Shares of companies that would benefit from a reopening of the economy moved higher, with Disney, Ford and UPS all rising in early trading.the stock to the S&P 500 index last Friday, instead choosing Etsy, Teradyne and Catalent.
Shares of SoftBank also fell more than 8% after it was identified that the investment juggernaut had boughtCrucial quote With tech stocks leading the market higher in recent months, last week’s sell-off is just a correction, says Mark Haefele, chief investment officer at UBS Global Wealth Management, in a note. “The sector is expensive, but not in a bubble,” he said, adding that a correction “need not signal the end of the rally.” While the U.S.
Source: News Formal (newsformal.com)
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