Stocks Selloff in Leadership Change, Tech’s Under Pressure
$DIA, $SPY, $QQQ, $VXX
Monday, the selloff in technology majors deepened wiping out the tech-heavy NAS index’s gains for the year and pushing the benchmark S&P 500 below a Key technical mark for the 1st time in nearly 2 months.
All the 11 major S&P sectors were lower, with stocks also coming under pressure over renewed fears of a trade war after China imposed additional tariffs on some products.
The technology index ended down 2.7%.
Amazon dropped nearly 5% after President Donald Trump launched his latest attack over the pricing of the retailer’s deliveries through the US postal system and promised unspecified changes.
Facebook was down 2.6%, while the other ‘FANG’ constituents Netflix, Google-parent Alphabet were down between 2.5 and 4.4%.
Tesla shares shed about 7% ahead of the EV maker’s announcement of Quarterly production numbers for its Model 3 sedan.
What we are seeing in the market is a change in leadership, it happened at the end of last month where you had tech starting to do not so well. That happened again Monday as market participants are asking the Big Q: Is this the change in leadership and what should we do about it?
Monday, the major US stock market indexes finished at: DJIA -458.92 at 23644.19, NAS Comp -193.33 at 6870.12, S&P 500 -58.99 at 2581.88
Volume: Trade on the NYSE came in at 915-M/shares exchanged
- NAS Comp -0.5% YTD
- S&P 500 -3.4% YTD
- DJIA -4.4% YTD
- Russell 2000 -2.8% YTD
HeffX-LTN’sMarket Indexes Technical Analysis