— 2020's market leaders — drove the tech-heavy Nasdaq Composite down 3.3% to suffer its worst week since March 20. The Dow and the S&P 500 fell 1.8% and 2.3% last week, respectively, posting their biggest weekly losses since June.
Many on Wall Street believe the weakness derived from worries that the massive tech run-up pushed valuations to unsustainable levels. The aggressive buying of growth stocks has also been spilling into the options markets. Even with last week's pullback, the Nasdaq is up more than 70% from its March bottom.
"Given how extreme many of the indicators we follow had become by early this past week, we believe it will take more than just a mild decline to work off those conditions," Matt Maley, chief market strategist at Miller Tabak, said in a note on Sunday. "Therefore we still believe a correction of more than 10% is probable."
Maley pointed to the extreme overbought conditions in some of the megacap tech names as well as the elevated valuation levels for the S&P 500. Last week's Big Tech slump coincided with an outperformance in cyclical stocks — names most sensitive to the economic recovery. The S&P 500 materials and financials sectors were the two biggest winners in the prior week, up 2.3% and 0.9%, respectively., known as the VIX or the market's "fear gauge," hit a high of 38.28 on Friday, its highest level since June 15.for exclusive insights and analysis, and live business day programming from around the world.
Source: News Formal (newsformal.com)
After failing to dump WeWork on retail investors in a failed IPO attempt SoftBank is trying to game US stock markets. Unfortunately retail investors will fall for it for FOMO
Did Softbank start gaming the DOW?
Must be Oct. COVID 19 Vaccines. TRUMPFIRST
Cnbc is mad lol
You knew a bounce of at least 2-3% is coming after the last 2 trading days
S & P and NASDAQ are off their all time highs Lets see if this week gets them back to new record territory
Well, its down now.
Lets Go !
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