Wall Street Today | Big tech swept into selloff erasing $1 trillion from Nasdaq 100
U.S. Futures Subdued, Dollar Firm Amid Dour Mood
Equity futures slipped in Japan and Australia, while U.S. contracts wavered, after a broad $S&P 500 Index(.SPX.US$ retreat and another slump in the tech-heavy $NASDAQ 100 Index(.NDX.US$, which has over $1 trillion in value in the past five sessions.
Equity futures slipped in Japan and Australia, while U.S. contracts wavered, after a broad $S&P 500 Index(.SPX.US$ retreat and another slump in the tech-heavy $NASDAQ 100 Index(.NDX.US$, which has over $1 trillion in value in the past five sessions.
Big Tech Swept Into Selloff Erasing $1 Trillion From Nasdaq 100
The $NASDAQ 100 Index(.NDX.US$ fell 2.4% Monday, adding to losses sustained last week that have erased over $1 trillion in market value from the tech-heavy benchmark in the past five sessions. $Microsoft(MSFT.US$ tumbled 3.9%, its worst decline in more than a month. Chipmaker $NVIDIA(NVDA.US$ sank 5.2%, extending losses sustained over the past five sessions to 20%. The stock hasn't had a five-day run this bad since March 2020.
The $NASDAQ 100 Index(.NDX.US$ fell 2.4% Monday, adding to losses sustained last week that have erased over $1 trillion in market value from the tech-heavy benchmark in the past five sessions. $Microsoft(MSFT.US$ tumbled 3.9%, its worst decline in more than a month. Chipmaker $NVIDIA(NVDA.US$ sank 5.2%, extending losses sustained over the past five sessions to 20%. The stock hasn't had a five-day run this bad since March 2020.
World Markets Are Falling Again With Echoes of the 2018 Rout
The feel-good days for global markets at the end of March are firmly over. Everything from stocks to bonds is falling -- even oil has pulled back from near records -- in a concerted cross-asset selloff with echoes of the rate-spurred rout of October 2018.
The feel-good days for global markets at the end of March are firmly over. Everything from stocks to bonds is falling -- even oil has pulled back from near records -- in a concerted cross-asset selloff with echoes of the rate-spurred rout of October 2018.
Battered Small-Cap Stocks Are Poised for a 'Relief Rally,' Wells Fargo Says
The Russell 2000 Index, the benchmark gauge for small-cap stocks, has tumbled more than 18% from its record close on Nov. 8, putting it on track to sink back into a bear market, or a drop of 20% from its peak. Rising borrowing costs have pressured shares of small companies, which are typically heavily indebted and tend to have less-diversified business lines.
The Russell 2000 Index, the benchmark gauge for small-cap stocks, has tumbled more than 18% from its record close on Nov. 8, putting it on track to sink back into a bear market, or a drop of 20% from its peak. Rising borrowing costs have pressured shares of small companies, which are typically heavily indebted and tend to have less-diversified business lines.
AT&T Shares Climb After Warner Bros. Discovery Deal
$AT&T(T.US$ shares climbed Monday in the first trading session after completing a deal to merge the company's media business with Discovery Inc.
The telecom company's stock rose 7.7% to $19.63, while shares of the new company, $Warner Bros Discovery(WBD.US$, gained 1.3% to $24.78.
$AT&T(T.US$ shares climbed Monday in the first trading session after completing a deal to merge the company's media business with Discovery Inc.
The telecom company's stock rose 7.7% to $19.63, while shares of the new company, $Warner Bros Discovery(WBD.US$, gained 1.3% to $24.78.
Shopify Plans 10-for-1 Stock Split, Seeks to Protect CEO's Voting Power
$Shopify(SHOP.US$ is asking investors to approve changes to its complex share structure to protect the voting power of the Canadian technology company's leader. The company also is proposing a 10-for-1 stock split.
$Shopify(SHOP.US$ is asking investors to approve changes to its complex share structure to protect the voting power of the Canadian technology company's leader. The company also is proposing a 10-for-1 stock split.
'Fortnite' Maker Epic Games Valued at Nearly $32 Billion in Funding Round
"Fortnite" creator Epic Games Inc. raised $2 billion, the most for any gaming company in two decades, from investors including $Sony(SONY.US$.
The funding means that Epic is now valued at $31.5 billion, after Sony and Kirkbi A/S, the holding company of the Kirk Kristiansen family, put in $1 billion apiece, according to a statement.
"Fortnite" creator Epic Games Inc. raised $2 billion, the most for any gaming company in two decades, from investors including $Sony(SONY.US$.
The funding means that Epic is now valued at $31.5 billion, after Sony and Kirkbi A/S, the holding company of the Kirk Kristiansen family, put in $1 billion apiece, according to a statement.
Read More:
- World Markets Are Falling Again With Echoes of the 2018 Rout
- Big Tech Swept Into Selloff Erasing $1 Trillion From Nasdaq 100
- Battered Small-Cap Stocks Are Poised for a 'Relief Rally,' Wells Fargo Says
- AT&T Shares Climb After Warner Bros. Discovery Deal
- Shopify Plans 10-for-1 Stock Split, Seeks to Protect CEO's Voting Power
- 'Fortnite' Maker Epic Games Valued at Nearly $32 Billion in Funding Round
- World Markets Are Falling Again With Echoes of the 2018 Rout
- Big Tech Swept Into Selloff Erasing $1 Trillion From Nasdaq 100
- Battered Small-Cap Stocks Are Poised for a 'Relief Rally,' Wells Fargo Says
- AT&T Shares Climb After Warner Bros. Discovery Deal
- Shopify Plans 10-for-1 Stock Split, Seeks to Protect CEO's Voting Power
- 'Fortnite' Maker Epic Games Valued at Nearly $32 Billion in Funding Round
Source: Bloomberg, WSJ
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