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After tech stocks rose for 10 straight days, Wall Street questioned the sustainability of the high valuations of stocks on Thursday (3). The economic data was mixed. The VIX Panic Index spiked more than 26%, US Treasury yields fell and the US dollar rose. All four major US stock indices were simultaneously black.
Before the release of the new nonfarm report on Friday, the technology sector had benefited and detonated, creating the biggest single-day loss since March.
Apple tumbled 8%, dragging the Dow Jones down more than 1,000 points in recent trading, eventually closing at more than 800 points, the biggest one-day drop since June 11.
The S&P 500 Index fell from yesterday’s high, falling more than 3.5%, the worst performance since early June. The Nasdaq fell 5%, the biggest drop since March.
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 26 million and the number of deaths has exceeded 863,000. The United States has accumulated More than 6.11 million cases were diagnosed and the accumulated number of deaths reached 185,000.
On Thursday (3) the performance of the four main US stock indices:
- The US Dow Jones stock index fell 807.77 points, or 2.78%, to close at 28,292.73 points.
- The S&P 500 Index fell 125.78 points, or 3.51%, to close at 3,455.06 points.
- The Nasdaq index fell 598.34 points, or 4.96%, to close at 11,458.10 points.
- The Philadelphia Semiconductor Index fell 135.95 points, or 5.74%, to close at 2,234.23 points.
The five kings of science and technology are all in ink, Apple (AAPL-US) fell 8.01%; Facebook (FB-US) fell 3.76%; Alphabet (GOOGL-US) fell 5.12%; Amazon (AMZN-US) fell 4.63%; Microsoft (MSFT-US) fell 6.19%.
The 30 shares of Dow Jones only rose two notches: Salesforce (CRM-US) fell 4.22%; Amgen (AMCN-US) fell 3.96%; Honeywell (HON-US) fell 3.58%; Boeing (BV-US) fell. 3.44%. Verizon (VZ-US) was up 0.13% and American Express (AXP-US) was up 0.06%.
None of the actions of half of Fei’s components were spared. Qorvo (QRVO-US) fell 9.82%; Huida (NVDA-US) fell 9.28%; Advanced Micro Devices (AMD-US) fell 8.51%; Kelei (KLAC-US) fell 6.56%; Broadcom (AVGO-US) down 6.11%; Qualcomm (QCOM-US), AMAT-US (AMAT-US), ASML (ASML-US) fell more than 5%.
Taiwan ADR shares tumbled. TSMC ADR (TSM-US) fell 1.20%; ASE ADR (ASX-US) fell 4.36%; UMC ADR (UMC-US) fell 4.4%; Chunghwa Telecom ADR (CHT-US) fell 0.63%.
Featured Stock News
Following the sell-off of technology stocks on the market, Tesla (TSLA-US) shares fell nearly 10% on Thursday to $ 407.00. They fell for three consecutive business days and fell more than 19% from Monday’s closing price.
Facebook (FB-US) fell 3.76% to $ 291.12 a share on Thursday. The company announced that it would ban political ads in the week before the US elections to avoid interference with voting and the electoral process.
Apple (AAPL-US) plunged 8.01% Thursday to $ 120.88 a share, the biggest one-day drop since March 16. Apple announced Thursday that it has postponed its plans to change the iPhone ad tracking.
Investment bank Baird is optimistic about Beyond Meat’s rapid brand equity growth and huge potential market, and for the first time gave Beyond Meat a “outperforming” stock rating. Beyond Meat (BYND-US) broke the trend and closed a 0.077% dividend at $ 129.80 per share.
Economic data
- US ISM Non-Manufacturing PMI Reported 56.9, Expected 57.2, Previous Value 58.1
- The United States reported 881,000 unemployment benefits at the beginning of last week and is expected to be 950,000. The previous value rose from 1.06 million to 1.011 million.
- The United States continued to claim 13.254 million unemployment benefits last week and it is expected to be 14 million. The previous value was revised down from 14,535 million to 14,492 million.
- July US Trade Account: US $ 63.6 billion, expected to be US $ 51.7 billion, Old value: US $ 53.5 billion
Wall Street Analysis
Investment bank Jefferies said: “ISM non-manufacturing data for August fell slightly from 58.1 to 56.9. From a technical perspective, this is the lowest level since the index began to improve after the new epidemic. from the crown this spring, but 56.9 is still strong data. “
Adam Crisafulli, an analyst at Vital Knowledge, said: “Someone on Wall Street pushed the button to sell tech stocks and buy stocks affected by the epidemic (Carnival, Messi, etc.). Tech stocks were affected, especially after the recent rise, the stock price showed a large percentage. The reverse. “
Adam Crisafulli said: “Technology has been off the fundamentals for some time and momentum can develop in two directions.”
Adam Phillips, director of portfolio strategy at EP Wealth Advisors, said: “At some point, you will definitely see some take-offs and adjustments to your portfolio.”
Adam Phillips said: “It’s hard to predict what will eventually overwhelm the market with that drop? But the sell-off is not unexpected. Obviously some sectors have overbought.”
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