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Investors are dropping out of popular US tech bets, driving down more than 4% on the Nasdaq composite.
After the incredible profitability it has accumulated in recent months, in the midst of a health crisis that has made several investors question how the world will look after the pandemic, The technology sector of the US stock market suffered a serious setback today, dragging the stock markets globally.
After a round day for international stock exchanges on Wednesday, the biggest indicators de Wall Street suffered heavy losses, led by the Nasdaq composite. At the close of the day, Bloomberg data shows, the technological papers indicator lost 4.96% of its value. For its part, the S&P 500 lost 3.51%, and the Dow Jones contracted 2.78%.
This raised the VIX volatility index, known as the “fear gauge” on the New York stock market, more than 26% at this time, reaching its highest value in more than two months.
This occurs in the middle of a portfolio rotation, in an environment in which investors have already seen for some time to the American tech world as the most “overbought” space, based on monthly fund manager surveys conducted by Bank of America Merrill Lynch.
With a Nasdaq that already accumulated a return of more than 30% So far this year to yesterday’s session, doubts about the sustainability of these levels of appreciation appear on the money tables, causing mass exits.
International drag
A few hours ago, things were looking good on global stock markets, but the Wall Street reeling did not leave anyone indifferent in this session. This includes declines in all the largest stock exchanges in Latin America.
Brazil and Mexico saw their equity benchmarks drop more than 1%, while the other markets posted more contained declines. The only exception was, in fact, Chile.
The S&P National IPSA recorded a rise of 0.81% in today’s session, with increases of more than 4% in the shares of Cencosud Shopping and Banco Santander. In addition, the positive results were relatively transversal, with only seven of the 30 actions that make up the selective ending the day in the red.
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In the European case, the somersault was even more noticeable, going from strong gains in the morning, driven by hopes of greater stimulus to the economy by regional authorities, to almost transversal falls.
Thus, the Spanish Ibex is the only one that made progress, with an increase of 0.13%. For its part, the EuroStoxx 50 regional benchmark lost 1.01%, the English FTSE 100 lost 1.52%, the French CAC fell 0.44% and the German DAX fell 1.40%.
In Asia, despite a survey showing greater optimism in the service sector in China, the Asian giant’s papers fell today. They registered falls of 0.55% in the CSI 300 of mainland China and of 0.45% in the Hang Seng Hong Kong. Japan achieved gains, yes, of 0.94%.
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