Wall Street, undermined by tech, ends down

New York – Wall Street ended sharply on Monday, undermined by a continuing mistrust of technology stocks after disappointing quarterly results of several heavyweights in the sector.
  

According to the final results at closing, the leading New York index, the Dow Jones Industrial Average, lost 0.57% to 25,306.83 points.

The Nasdaq, with strong technological color, dropped 1.39%, to 7.630,00 points, its third session in a row down more than 1%.

The expanded S & P 500 index fell 0.58% to 2.802.60 points.

Facebook (-2.19%), Twitter (-8.03%), Alphabet (-1.51%, the parent company of Google), Netflix (-5.70%) and Amazon (-2, 09%) were among the main victims of the widespread movement of liquidation of technology stocks.

These falls, already observed at the end of last week, occurred following the disappointing results of several of these groups.

Thursday, Facebook had already collapsed 19% after its quarterly results, an unprecedented loss of $ 119 billion market capitalization and Friday, Twitter had plunged 20.5% after his.

" Brokers realize that these companies can no longer justify their valuation levels ," said Phil Davis of PSW Investments.

" So they rebadess their perspectives on these titles ".

For his part, Karl Haeling, of LBBW, estimated that " it is difficult at the moment to say whether this fall is more related to real concerns about the future of the sector or whether it 'acts mostly reflex sales after a very strong increase in recent months .

Despite heavy falls in recent days, the Nasdaq has grown 10.5% since the beginning of the year, after jumping 28.2% last year.

After starting the session higher following encouraging quarterly results, Caterpillar has contributed to the market downturn, losing 1.97%.

Among the other values ​​of the day, CBS fell (-5.05% to 51.28 dollars), while the fate of the CEO of the group of television, Leslie Moonves, concerned by an internal investigation on the accusations of harbadment badual abuse of which it is the subject, remains uncertain.

Walmart has advanced (+ 0.85% to 88.88 dollars) according to information claiming that the distribution giant would explore the possibility of launching an online video service that would aim to compete directly with Netflix and Amazon.

American Express declined (-2.89% to 100.85 dollars). The group is being blamed for allegedly offering competing foreign exchange rates to business customers before raising them without warning those same clients, according to the US press.

The bond market was tense: around 20H50 GMT, the yield on the US ten-year debt rose to 2.971%, against 2.954% Friday at the close, and the 30 years at 3.102%, against 3.082% at the end of last week.

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