On Monday, the 3rd of June 2019, Wall St. had tumbled, largely prompted by renewed trade tension over a new front and reveal of a report that US Justice department alongside US Federal Trade Commission were going to launch a combined probe on tech giants such as Facebook, Google, Amazon and Apple over misuse of their dominant market position.
While a steep sell-off of the internet service providers had been the biggest drag on Nasdaq composite, traders had been found foundering over sluggish US factory data that fell to a two-year-low on May amid an escalated trade conflict with Beijing.
After experiencing a volatile day, the Standard and Poor 500 had wrapped up the session 0.3 percent lower, while trade-sensitive Dow Jones Industrial Average remained virtually unchanged. Adding that weak manufacturing data around the world including United States had been a major turn of event fanning investors’ fears of slowing growth over the recent past, a senior vice president at BB&T Wealth Management in Birmingham, Alabama, Bucky Hellwig said, “The slump has been concurrent with fears of slowing global growth.
Right now Nasdaq is basically where we were at the lows in March. This is an important level to hold here. If we break below that, we fall further. Tomorrow will be an important day to see if the trend continues lower”.