Indices

Nasdaq declines near 3% on Tech sector losses

NASDAQ posts record

United States stocks fell on Tuesday, as a fall in the tech sector dragged major averages down. According to data, the Nasdaq composite settled at 7,008.81 which was 2.9% lower from their previous settlement, this was as shares of Amazon and Apple also fell on the day. In accordance to this, S&P 500 settled at 2,612.62 which was 1.7% lower from their previous close, amid with tech sector dropping by over 3.5% and is considered as S&P’s worst day since February 8, 2018.

In accordance to this, Dow Jones traded at 23,857.71 which was down by over 344.89 points from their previous session, which led to the Dow Jones re-entering correction territory, along with Microsoft which is considered as the worst-performing stock in the index on the day.

The stance of U.S. stocks was brought by the fall of tech sector, shredding gains on early trade. Tech shares were also seen struggling after reports indicated that Nvidia will temporarily suspend its self-driving test due to the current Uber accident, as well as the ongoing investigation over the Facebook data leak scandal.

Facebook shares fell by approximately 4.9% as the Bank of America Merrill Lynch decreased its price target on Facebook stocks for the second time in five days. While Twitter fell by over 12%, Nvidia’s announcement led the stock down by 7.8%, along with Tesla share which declined by 8.2%.

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