Did we miss the top of the market?While we’ve been sitting here in the UK, gawping at all the political drama, the market in the US has taken a bit of a bearish turn.Tech stocks – which have been the main thing propping the US market up recently – took a nasty nosedive on Friday. The pace of the slide slowed yesterday, but they still closed down rather than bounced.So is the overvalued US market finally waking up to reality?The Nasdaq Composite index in the US – which contains most of the big technology stocks, including the famous FAANG quintet of Facebook, Apple, Amazon, Netflix and Google (Alphabet) – took a bit of a bump on Friday, falling by nearly 2%. Meanwhile, Nvidia – an extremely “hot” technology stock, which was up by more than 50% on the year at this time last week – got knocked down hard too.The tech sector took another knock yesterday, with the Nasdaq closing down 0.5%. Cue a slew of headlines talking of a “tech wreck”.So what’s going on?Andrew Lapthorne of Societe Generale is one of the most perceptive analysts out there. His take is that the main driver was a reversal in the “momentum” trade…. Read full this story
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Does the wobble in tech stocks mark the beginning of the end? have 320 words, post on moneyweek.com at June 13, 2017. This is cached page on Vietnam Dance. If you want remove this page, please contact us.