On Monday, a slew of stock indices in the Wall St. had winded down the day in a downbeat tenure, while Nasdaq clocked its second decline in ten sessions and the benchmark Standard & Poor 500 had pummelled sharply, however, the trade-sensitive Dow Jones Industrial Average had managed to curtain off the day with little changes.
As a matter of fact, Monday’s sharp drop in S&P subsectors alongside Nasdaq-listed tech stocks came against the backdrop of an announcement of California Governor Gavin Newsom that ordered a massive rollback from the US Government’s reopening attempts, as Newsom rode his roughshod over Trump Administration’s call to reopen the state by shutting down the bars, banning the indoor dining and restaurant and closing down the churches, hair saloons and gyms.
Re-closure order on Pandemic-hit California turn down tech stocks
Meanwhile, followed by the statement of the Governor of California, the home to a majority of US tech tycoons, California-based wide-ranging tech moguls such as Microsoft, Nvidia and Facebook ended down the day over 2 per cent lower, eventually squeezing some of the liquidities out of the Nasdaq Composite alongside S&P 500.
Citing statistics, on Monday’s Wall St. wrap-up, the Dow ended down the day 0.04 per cent higher to 26,085.8 and S&P 500 shed 0.94 per cent to 3,155.22 following a 2.12 per cent decline at its technology index, while leading the losses on the day’s Wall St., Nasdaq had shrugged off as much as 2.13 per cent to close the day at 10,390.84.
Besides, referring to the withering worries over a havoc-scale layoff wave in the US economy after a majority of densely populated US states had begun to disobey the Government’s order to reopen the states, a chief market strategist at JonesTrading in Stamford, Connecticut, Michael O’Rourke said on Monday’s market closing bell, “The rally’s been driven by a handful of names.
You’ve had headlines about COVID and layoffs and the economy. It’s finally caught up with these names everybody’s been hiding in. ”