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the
Dow Jones Industrial Average
is hit hard by commercial concerns. the
Nasdaq Composite
gets hit even harder.
When you look at the market, you will notice a sea of red. The Dow Jones Industrial Average lost 610.47 points, or 2.4%, to 25,331.90 at 11:37 on Monday, and none of the benchmark values is positive (although
Verizon
(VZ) and
Procter & Gamble
are down only 0.2%). the
S & P 500
fell 2.4% to 2813.50, and not many are up on the day.
Newmont Goldcorp's
(NEM), up 1.1%, tops the list.
And then there is the Nasdsaq composite. It is down 3.1% to 7673.80, which may come as a surprise because it houses tech giants like
Amazon.com
(AMZN)
Apple
(AAPL) and
Microsoft
(MSFT). These actions, which had been the most successful this year, are being hammered today. Apple is down 5.2% to $ 186.98 after the Supreme Court said that customers of the App Store could sue. Microsoft is down 2.7% to $ 123.72 and Amazon is down 3.4% to $ 1,826.29.
Of course, the Nasdaq is highly exposed to technology and the technology is the least performing on the market so far:
Selected technology sector SPDR ETF
(XLK) is down 3.4%, even more than the
SPDR ETF industrial selection of the sector
(XLI), which is off 3%. Tech has its own exposure to transactions, via chips, Apple and other factors. But there is also another problem: everyone loved them. When people need to sell, they start selling what they own. And they own a lot of technology.
When you live with technology stocks, you die with technology stocks.
Write to Ben Levisohn at [email protected]
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