Wall Street's "FAATMAN" group of leading tech stocks have suffered a renewed sell-off leaving $1trn wiped off their value in less than a week. In New York, the Dow Jones and S&P 500 were both down by more than 2% but it was the tech-heavy Nasdaq that saw the most notable plunge. Find out more about how we use your information in our Privacy Policy and Cookie Policy. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. :: Subscribe to the Daily podcast on Apple Podcasts, Google Podcasts, Spotify, Spreaker. That comes after tech stocks surged in recent months despite the pandemic's destructive impact on the global economy, with the Nasdaq climbing by 75% from March's lows. The group - comprising Facebook, Amazon, Apple, Tesla, Microsoft, Alphabet and Netflix - took another tumble as US markets reopened on Tuesday after the Labour Day holiday. Yahoo is part of Verizon Media. Worries about global recovery after the pandemic - and a Saudi price cut - saw the price of a barrel of Brent crude dip below $40 for the first time since June. ", 'FAATMAN' tech stocks slim down by $1trn in latest sell-off, The Nasdaq is still up by a fifth since the start of the year, SoftBank - led by Masayoshi Son - has been investing heavily in tech stocks, Market rally: 'It pays to be a little bit cautious'. Tesla shares were down by 21% after it was surprisingly excluded from the S&P 500 index despite clearing a major hurdle to membership in July when it posted a fourth quarter in a row in profit. Our goal is … Wall Street's "FAATMAN" group of leading tech stocks have suffered a renewed sell-off leaving $1trn wiped off their value in less than a week. Tuesday's fall was the third in a row - led by a slump of as much of 20% for Tesla as it missed out on joining the S&P 500. Joshua Mahony, senior market analyst at IG, said: "An extended weekend has done little to quell negative sentiment that continues to permeate through US markets, with tech stocks once again at the forefront of that selling pressure. On Tuesday, the collective market values of the FAATMAN companies had fallen by more than $1trn since 2 September. It emerged that the Japanese conglomerate has bought billions of dollars worth of stock and stock options - deals which would have helped pump up the companies' values. "Sentiment for some of the most consistent performers of 2020 has soured in a dramatic manner, with Tesla leading the decline amid questions over valuations. The downturn in tech stock sentiment was also affected by reports over the weekend about SoftBank's intervention in the sector. The latest dip was part of a broader global share sell-off attributed to a variety of factors including US-China tensions, Brexit concerns and coronavirus case flare-ups around the world. It closed more than 4% lower as the tech sell-off extended to a third day - sending it into so-called "correction" territory at more than 10% off its previous high. Please use Chrome browser for a more accessible video player. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. Tech stocks have led Wall Street to new record highs after stock markets slumped earlier in the year because of the pandemic crisis but some investors are now selling up and taking the profits. Stock indices on both sides of the Atlantic were in the red - though the FTSE 100 was cushioned from big falls as the pound's Brexit-related weakness supported the sterling valuations of its big overseas-earning multinationals. You can change your choices at any time by visiting Your Privacy Controls. Wall Street's "FAATMAN" group of leading tech stocks have suffered a renewed sell-off leaving $1trn wiped off their value in less than a week. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. By John-Paul Ford Rojas, business reporter. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. Consumers staying at home during lockdown have boosted the likes of online retail giant Amazon and video streaming service Netflix. You can change your choices at any time by visiting Your Privacy Controls. The group - comprising Facebook, Amazon, Apple, Tesla, Microsoft, Alphabet and Netflix - took another tumble as US markets reopened on Tuesday after the Labour Day holiday. Notably, Apple's valuation has topped $2trn and seen it overtake that of the entire FTSE 100 index. Yahoo is part of Verizon Media. Wall Street's "FAATMAN" group of leading tech stocks have suffered a renewed sell-off leaving $1trn wiped off their value in less than a week. Find out more about how we use your information in our Privacy Policy and Cookie Policy.

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