Big technology stocks tumble again, dragging the Dow down more than 630 points. Just a week ago, tech companies were the high-flyers carrying Wall Street to record heights.
But all that activity can unwind quickly and send prices tumbling if momentum turns, which is what happened last week. Apple stock dropped 3.1% for just its second weekly loss in the last 14 weeks. It’s lost 14.1% over the last three days.
That gap began to narrow on Thursday, when tech stocks began cracking and the Dow fell more than 800 points, and that “showed investors that tech stocks and growth stocks can fall just as easily as they rise,” Stovall said.“It’s a reminder that we’re still in 2020,” said Willie Delwiche, investment strategist at Baird. “The degree of selling we’ve seen the past few days is just a reminder that volatility is still around.
Tesla has been one of the brightest examples of Big Tech’s wild movements, and it surged 74.1% in August alone. It slumped 21.1% Tuesday, its worst loss since it began trading a decade ago, amid disappointment that it won’t be joining the S&P 500 anytime soon.
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