Big tech selloff slams stocks for 3rd day
Investors continue rotation out of big-cap momentum stocks; Charles Payne gets insight from Michael Lee Strategy’s Michael Lee, Divine Capital CEO Dani Hughes, and Courtney Dominguez, senior wealth adviser at Payne Capital.
U.S. equity futures are higher ahead of the Wednesday trading session, after a 3-day fall in tech stocks.
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The major futures indexes are suggesting a rise of 1.6 percent on the Nasdaq.
Dow futures are up 0.8%.
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Asian shares declined on Wednesday, as did crude oil prices.
Troubles with Astra-Zeneca’s coronavirus vaccine trial and simmering China-U.S. tensions has also rattled investors.
President Trump's comment about “decoupling” the U.S. economy from China has ramped up uncertainty in the markets, especially among tech stocks.
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Washington seeks to limit the use of U.S. technology by Chinese companies, citing national security concerns.
Tokyo's Nikkei lost 1%, the Hang Seng in Hong Kong dropped 0.8% and China's Shanghai Composite index shed 1.9%.
In Europe, London's FTSE is adding 0.9%, Germany's DAX rose 0.9% and France's CAC gained 0.7%.
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On Tuesday, the S&P 500 fell 2.8% to 3,331.84, clinching its first three-day losing streak in nearly three months. Nearly 90% of all shares were lower.
Apple, Microsoft and Amazon were among the Big Tech stocks to sink more than 4%, torpedoing broad market indexes. The Nasdaq composite, which is packed with tech stocks, dropped 4.1% and is down 10% since it set its last record high on Sept. 2.
|I:DJI||DOW JONES AVERAGES||27500.89||-632.42||-2.25%|
|I:COMP||NASDAQ COMPOSITE INDEX||10847.690379||-465.44||-4.11%|
The Dow Jones Industrial Average lost 2.2%.
Tesla, one of the brightest examples of Big Tech’s wild movements, surged 74.1% in August but slumped 21.1% on Tuesday, its worst loss since it began trading a decade ago, amid disappointment that it won’t be joining the S&P 500 anytime soon.
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In energy markets, benchmark U.S. crude added 80 cents to $37.55 per barrel in electronic trading on the New York Mercantile Exchange. It slumped $3.01 to $36.76 per barrel on Tuesday. Brent crude, the international standard, added 63 cents to $40.40 per barrel.
The Associated Press contributed to this article.
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