(Bloomberg) – Tesla Inc. Trading in Friday’s premarket fell 6. %%, leading to a series of defeats for the first four days due to the threat of an epidemic at their height in mid-March.
U.S. The electric vehicle maker’s current route came as tech stocks fell the next day. Thursday’s jump sent the Nasdaq 100 stock index down 5.2%, its biggest drop since March 16. That dropped nearly 30 730 billion from the high-flying benchmark, up 78% from March before Thursday’s decline.
The index had previously risen in 11 of the 13 sessions, hitting new records almost every day. Tesla added nearly 500% this year during Monday’s close year.
Apple Pal Inc. on Friday. Premarket fell 2.9%, Amazon.com Inc. 1.3%, Micro Corp Corp. 1.1%, Alphabet Inc.1%, Facebook Inc. Netflix Inc. lost 1.9% and 1.8%.
Defending the sector, Wedbush analyst Daniel Ives said tech stocks may still have time to run from 20% to 25%. Any vulnerability is an opportunity to buy “stories of secular development in the names of cloud, cybersecurity, and tech stalwart fang,” especially Apple Pal and Micro .ft, he said.
While Thursday’s “massive sell-off, will cause some white knuckles on the street as a tech bubble and the fear of a stretched valuation become the talk of the town, we believe the secular development themes around the tech sector are unprecedented with the development of covid backdrop velocity. Stories for 2 years, ”Ives wrote in a note.
Not everyone is optimistic. Philip Toiz, chief executive officer of asset manager Toys Corp., said that if technol st g goes south, it is like the beginning of the end for the whole market, he said.
If the market enters free-fall, it will potentially affect all sectors, e managing ની 1.9 billion in assets, Toyuz said by phone.
“Even if it doesn’t make sense, everything can fall apart,” he said. “It can be scary.”
(Share updates, add quotes from portfolio manager)
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