Nasdaq falls as tech plunges once again, while the Dow drops more than 400 points

[tacobell fan]

The Nasdaq Composite dropped 1.7% and the Dow Jones Industrial Average plunged 438 points, or more than 1.5%. The S&P 500 slid 1.6%. At one point, the Nasdaq had fallen more than 3% and the Dow fell as much as 600 points. 

 

“High valuations in the mega-cap stocks are stretched far beyond historical levels,” said Bruce Bittles, chief investment strategist at Baird. “The technical indicators – high margin debt, fully invested mutual funds, CBOE options data showing record call volume, Wall Street letter writers at bullish levels -- pointed to excessive optimism in the market which often suggests a consolidation/correction phase is likely.”

Here’s what traders were watching:

• Tesla plunged 12.3% after the S&P Dow Jones Indices failed to add the surging and speculative stock to the S&P 500 after the bell Friday. Investors were betting on inclusion of the stock into the S&P 500, hoping for the stamp of approval on the rally by S&P. The snub shows the risks to the overheating Nasdaq trade.
• Other hot Nasdaq stocks were hit hard. Facebook, Amazon, Microsoft, and Google-parent Alphabet were all down more than 1%. Apple dropped 2%. Zoom Video fell by 1.6%.
• Shares of Softbank dropped 7% on Monday in Japan as it was identified as the big options buyer making a bet in the billions on tech stocks continuing to surge. The tech trade could lose some of its firepower if Softbank were to curb those bets.
• Semiconductor stocks were under pressure amid simmering U.S.-China trade tensions. Nvidia slid 1.1% and Micron lost 1.4%. Applied Materials dropped more than 5.8%. Advanced Micro Devices pulled back by 0.7%. The VanEck Vectors Semiconductor ETF (SMH) traded 1.9% lower. 
• Drugmaker CEOs pledged to make safety the main priority in developing a coronavirus vaccine.

[JambaKrantu]

Rakta kanneeru man, last 5 days lo 20k wiped off

[shaw183]

11 minutes ago, JambaKrantu said:

Rakta kanneeru man, last 5 days lo 20k wiped off

8k wiped out here.

asal expect cheyale..deba mida deba