Wall St. reports second straight weekly slump as tech bloodshed continues

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Wall St. reports second straight weekly slump as tech bloodshed continues

In the wake of a mass-scale sell-off wave of the NYSE-listed tech stocks, Nasdaq fell again on Friday, while the benchmark S&P 500 ended the day almost dithered as early gains in tech stocks had waned in late-afternoon session, which eventually had prompted a weekly decline for all three key US indices.

Nonetheless, the trade-sensitive Dow had managed to secure an affirmative territory followed by the release of an upbeat US consume prices data, as US food prices had surged by the most in 29 years last month, while the used car prices rose by 5.4 per cent in August to score its largest gain in more than five decades.

Wall St. freefall continues as tech bloodletting persists

In point of fact, Friday’s tottering of Wall St. was almost entirely galvanized by an extension of tech retreats amid frets of an utter overvaluation, while a growing tension over EU-US trade relationship had added to further strains as the growth stocks like of Amazon.com Inc.

which had been benefitting from the pandemic propelled lockdowns, widely hailed for spearheading the recent gains of Wall St. despite a sluggishness in economic recovery alongside a pandemic resurgence across the globe, fell by 1.85 per cent to $3,116.22, eventually weighing on Nasdaq.

Apart from that, the so-called FAANG stocks also fell as Facebook ended the day down by 0.55 per cent, Google shed 0.67 per cent and Apple Inc.

was slumped by 1.31 per cent, however, against the day’s market trends, Netflix had scored a gain of 1.31 per cent and kept a lid on the losses. Citing statistics, although tech stocks had beaten a hasty retreat in the five out of six previous sessions, bloodletting had been slowed down on Friday with Dow ending the day in an affirmative territory.

S&P 500 ended the day almost flatlined to 3,340.97 and Dow gained 0.48 per cent to 27,665.64, while the tech-heavy Nasdaq shed 0.6 per cent to round off the day at 10,853.55. Meanwhile, addressing to an overvaluation of the tech stocks, a Chief investment strategist at Inverness Counsel in New York, Tim Ghriskey said, “While growth isn’t cheap, it is growth and a lot of these companies are doing well during the pandemic so I wouldn’t be surprised to see money coming back to them.