AGI – ‘Black’ day for Wall Street which closes another session – the third in a row – in deep red, with technological stocks in strong fibrillation.
After opening negative, the New York Stock Exchange continued the session in deep red but in the final, the Nasdaq sank reporting a drop of more than 4%.
The Dow Jones, on the other hand, left 2.25% on the ground while the S&P 2.78%.
The trend of Wall Street during the day also influenced the European markets which, already disappointed by the heavy data on the Eurozone’s GDP in the second quarter, closed down.
Hi tech is heavily penalized: in the lead Tesla that by reporting the -21,06% it also records its worst daily performance. The exclusion from the S&P 500 basket weighs on Elon Minsk’s company but also other factors.
The fall of the giants
Facebook, Amazon.com, Apple, Tesla, Microsoft, Alphabet e Netflix have collectively lost more than $ 1 trillion market capitalization from 2 September.
Actions Apple I’m dropped by almost 5%, Facebook by over 4%, and so is the Zoom video conferencing app.
But whether Tesla reports these impressive losses, it also depends on the news that General Motors acquired an 11% stake, worth $ 2 billion, in US electric truck manufacturer Nikola. The title Nikola surged by over 39%, General Motors closed the session up by 7.93%.
Analysts claim that the market reacted little, and belatedly, to the intervention of Fed Chairman Jerome Powell who last Friday hinted that the American central bank is inclined to leave interest rates low for some time yet.
But it must be said that to consolidate the feeling that the economic recovery has really taken off, we are waiting to know the next data coming from the job market. On Thursday, therefore, there could also be a reversal of the trend, if the requests for weekly subsidies were to mark a more substantial decline.
Last but not least, gli Investors’ eyes are also on the ECB board, also scheduled for the day after tomorrow: no decision is expected, rather indications are expected on how the Eurotower intends to move in the near future.
This would not have direct repercussions for American markets, but it would certainly give a more defined and less uncertain picture of the situation, also in light of the evolution of the pandemic.
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