Wall St. posts third straight weekly plunge as tech slides sustain

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Wall St. posts third straight weekly plunge as tech slides sustain

Wall Street had capped Friday’s market broadly lower, largely dragged downwards by a tech sell-off for the third straight session in a row, while all three key indices had rounded off the day roughly 1 per cent lower and reported their third straight weekly percentage decline.

Notably, after hitting an all-time high of Sept. 2, the tech-heavy Nasdaq had entered into a correction territory last week, while the latest three-week percentage decline in a row had been the Nasdaq’s first such losing streak since the August of 2019, and Dow and S&P 500’s first since early October 2019.

In point of fact, Friday’s Wall St. had marked up another day of bloodletting of the tech stocks with shares’ prices of the growth stocks such as Apple Inc., Microsoft Corp., Alphabet Inc.

and Amazon.com Inc., which had fuelled the latest leg of market rally and eased the pandemic-led declines off, had been the biggest drag on the day’s intra-day trading, while a 3.2 per cent plunge of Apple Inc. stocks had been the biggest drag among S&P 500.

Wall St. ebbs off as tech sell-off continues

Citing statistics, on Friday’s Wall Street closing bell, a session that witnessed a whopping 14.31 billion shares were changing hands, the trade-sensitive Dow faltered 0.88 per cent to 27,657.42 and benchmark S&P 500 had shrugged off 1.12 per cent to 3,319.47, while the Nasdaq was nudged 1.07 per cent lower to 10,793.28.

Meanwhile, citing a Wednesday FOMC minutes’ remark that had pledged to keep the country’s core short-term lending rate near-zero at least until end-2023, which would likely to back the US stocks in a longer-term outlook despite the latest leg of profit-taking sell-off wave, a senior portfolio manager at Global Investment in Atlanta, Tom Martin said on the day’s Wall St.

closing bell, “We had a market peak on Sept. 2, and then we had a rapid decline and a lot of that came in technology and growth stocks that had done so well. It doesn’t mean the (valuation) extremes are fully worked off.