Sponsored Content
Nasdaq And The Tech Sector Lead The Morning Selloff
Nasdaq And The Tech Sector Lead The Morning Selloff

Commenting on the selloff in the tech sector and today’s trading Gorilla Trades strategist Ken Berman said:
Q2 2020 hedge fund letters, conferences and more
Selloff In The Tech Sector
The major indices are all trading significantly lower at midday with the Nasdaq and the tech sector leading the morning selloff on Wall Street. The likes of Facebook (FB, -5.9%), Apple (AAPL, -7.2%), Tesla (TSLA, -8.2%), Amazon (AMZN, -5.3%), and Microsoft (MSFT, -5.7%) have been all hit hard in early trading as the short-term trends reversed in the sector. The wave of selling in the Nasdaq pushed the Volatility Index (VIX) near the 30 level while dragging the Dow and the S&P 500 lower as well, amid the positive economic surprises which put pressure on “work-from-home” stocks.
The much better-than-expected weekly jobless claims report definitely played a part in the pullback in the tech sector, as both the number of new and continuing claims were much lower than last week. New claims fell below 900,000, while continuing claims came in just above 13 million, thanks to a drop of over 1 million. The ISM nonmanufacturing PMI was a tad below the consensus estimate, at 56.9, but the indicator still confirms the strong rebound in the services sector, and together with Monday’s manufacturing measure, it could provide support for stocks in the coming weeks.
Market Wrap
Dow: 28,475, – 625 or -2.2%
S&P 500: 3,467, – 114 or 3.2%
Nasdaq: 11,528, – 529 or 4.4%
Russell 2000: 1,542 – 50 or 3.2%
Market breadth has been relatively strong in early trading, with decliners only outnumbering advancing issues by a 3-to-2 ratio on the NYSE at midday. 19 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 37 stocks hit new 52-week highs. The major indices have been trading below their daily VWAPs (Volume-Weighted Average Price) for most of the morning session, pointing to intraday selling pressure. Selling has been concentrated in the stretched tech sector, with cyclical issues performing much better on average, which suggests that a profit-taking event is underway following the memorable run-up of the recent weeks. Stay tuned!
The post Nasdaq And The Tech Sector Lead The Morning Selloff appeared first on ValueWalk.

New Found Gold Neighbor Canstar Resources Might Be Sitting on Canada’s Next Big Gold Discovery
Canstar Resources (TSXV: ROX) might have discovered the biggest gold deposit in Canada’s hottest mining province, Newfoundland…
Golden Guide: 3 Best Ways To Invest In Gold
Gold is a hot commodity right now. Q3 2020 hedge fund letters, conferences and more The economy is in shambles. Copper is in high demand. That’s thanks to the expansion of electric-vehicles every year. Not to mention, construction, HVAC, and electronic…
Silver—and This Silver Miner—Built for Leverage
Source: Golden Opportunities for Streetwise Reports 12/14/2020
The silver market, and junior miner Aftermath Silver, offer opportunities to leverage investments for "maximum gains."Secular precious metals bull markets don’t come around often,.
-
Base Metals24 hours ago
RIVN Stock Alert: Rivian Nabs a Key Tesla Exec
-
News Releases7 hours ago
PowerStone Metals Provides Update on Chilton Cobalt Property
-
News Releases12 hours ago
MANTARO PRECIOUS METALS CORP. PROVIDES UPDATE ON RESOURCE ESTIMATE
-
Energy & Critical Metals16 hours ago
7 EV Stocks That Could Skyrocket in the Next 12 Months
-
Financing News19 hours ago
Pelham Investment Partners LP Confirms Recommendation to Vote WITHHOLD on Board of Directors of Nickel 28 Capital Corp on YELLOW Proxy
-
Uncategorized4 hours ago
Futures Drift Higher Despite Sharp Drop In Chinese Exports
-
Companies6 hours ago
NuLegacy Selects Priority Drill Targets
-
Financing News16 hours ago
Resolute Resources Ltd. and Crossover Acquisitions Inc. Announce Closing of $4 Million Private Placement