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After the crash of US stocks last week, the Wall Street massacre is not over! On Tuesday (8) Apple and Tesla led the fall in technology stocks, with the four main US stock indices closed in the black. The Dow Jones fell more than 600 points at the end and the Nasdaq index fell more than 4%, entering directly into the correction zone. The cumulative drop on the trading day was around 10%.
Apple fell 6.7%, evaporated nearly $ 140 billion, and Tesla fell more than 21%, the worst single-day drop in history.
The United States is considering banning chipmaker SMIC, and semiconductor stocks have suffered heavy losses. Providers such as Yingcai and Kelei have suffered violent sell-offs, causing the half-rate index to drop more than 4% simultaneously.
Relations between the United States and China remain tense. US President Trump said on Monday (7) that he is considering parting ways with China, emphasizing that China can no longer be trusted and that restrictions on China will be further expanded in the future.
Chinese Foreign Minister Wang Yi introduced the “Global Data Security Initiative” on Tuesday, advocating respect for the sovereignty of other countries, the principle of non-infringement of personal information, and rejecting harassment from states. United.
There are new developments in the new round of stimulus bills. McConnell, Majority Leader in the United States Senate, announced Tuesday that the Republican Party will propose a new stimulus bill, which will focus on healthcare, education and the economy, and a vote of the whole camera this week.
The global epidemic of new corona pneumonia (COVID-19) continues to spread. Before the deadline, according to real-time statistics from Johns Hopkins University in the United States, the number of confirmed cases worldwide has exceeded 27.4 million and the number of deaths has exceeded 893,000. The United States has accumulated More than 6.31 million cases were diagnosed and the accumulated number of deaths reached 189,000.
The number of deaths in the United States has declined for the third week in a row, but the new corona epidemic has risen for two consecutive weeks in many states in the Midwest and Northeast. American public health expert Fauci said the United States is unlikely to prepare a vaccine before the general election (November 3).
The performance of the four major US stock indices on Tuesday (8):
- The Dow Jones index fell 632.42 points, or 2.25%, to close at 27,500.89 points.
- The S&P 500 Index fell 95.12 points, or 2.78%, to close at 3,331.84 points.
- The Nasdaq index fell 465.44 points, or 4.11%, to close at 10,847.69 points.
- The Philadelphia Semiconductor Index fell 104.11 points, or 4.71%, to close at 2,108.61 points.
The big five tech giants have fallen. Apple (AAPL-US) fell 6.73%; Microsoft (MSFT-US) fell 5.41%; Amazon (AMZN-US) fell 4.39%; Alphabet (GOOGL-US) fell 3.64%; Facebook (FB-US) fell 4.09%.
The Dow Jones index sold out. Boeing (BA-US) fell 5.83%; Salesforce (CRM-US) fell 5.27%; Goldman Sachs (GS-US) fell 4.01%; Chevron (CVX-US) fell 3.61%; JPMorgan Chase (JPM-US) fell 3.48%.
Fei half component stocks closed black, SMIC suppliers took the lead to kill. Fanlin Group (LRCX-US) fell 9.13%; Applied Materials (AMAT-US) fell 8.74%; Kelei (KLAC-US) fell 9.77%.
AMD (AMD-US) fell 4.05%; Micron (MU-US) fell 3.12%; Qualcomm (QCOM-US) fell 5.35%; NVIDIA (NVDA-US) fell 5.62%.
Taiwan ADR shares are only closed to TSMC. TSMC ADR (TSM-US) fell 1.95%; UMC ADR (UMC-US) rose 5.06%; ASE ADR (ASX-US) rose 2.27%; Chunghwa Telecom ADR (CHT-US) was up 0.68%.
Featured Stock News
Apple (AAPL-US) fell 6.73% to $ 112.82 per share. Apple announced Tuesday that the fall conference will be held at 10 a.m. on September 15. Additionally, Apple has violated the contract against Fortnite game developer Epic. Games filed a counterclaim.
Tesla (TSLA-US) closed down 21% Tuesday at $ 330.21 per share, making it the company’s worst one-day loss in history. It fell 34% from its recent high (498.32) and plunged directly into the abyss of a bear market.
Roku (ROKU-US) was up 1.70% on Tuesday. Wells Fargo is optimistic that Roku will become a heavyweight company in the advertising industry in the future, and upgraded Roku’s stock rating to “overweight.”
Boeing (BA-US) fell 5.83% on Tuesday. The Federal Aviation Administration (FAA) will conduct detailed inspections due to problems with the manufacturing process of the Boeing 787 Dreamliner fuel system. The company confirmed that it is slowing down the delivery of the model.
Wall Street Analysis
Tom Essaye, founder of “Sevens Report”: “There have been some bubble bursts in the market, which is good, but remember that it is still well above the fair value of the stock market.”
Tom Essaye: “Although the overall outlook for the stock market remains optimistic in the long term, if there are major disappointing events, there will be further downside to this market.”
Bruce Bittles, chief investment strategist at Baird, said: “High valuations of super-large tech stocks have far exceeded historical levels. Technical indicators such as elevated financing balances and record purchases in CBOE options data indicate that the market is too optimistic, which suggests The stock market may enter a consolidation / correction phase. “
Matt Maley, Chief Market Strategist at Miller Tabak, said: “Since many of the indicators we track have become very extreme at the beginning of last week, to get rid of these conditions, just a moderate decline is not enough. We still believe that the stock market may fall more than 10%.. “
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