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US stock market report – tech sell-off extends to 7%

Picture of Drew Meredith, CFP
Drew Meredith, CFP
Picture of Drew Meredith, CFP

Drew Meredith, CFP

Drew Meredith is one of the founders of Wattle Partners. He is an experienced financial and investment adviser with expertise in self-managed superannuation funds, superannuation strategies, investment analysis and portfolio construction. Drew is a Partner at Wattle Partners.
More analysis

The sell-off in US stock markets intensified on Monday despite positive news on COVID-19 treatments, with the Nasdaq down 2.1%.

The biggest detractor was the threat of higher inflation and a higher bond rate, effectively reducing the valuation or discount rates on high growth tech names.

The S&P 500 and Dow Jones both outperformed in comparison, falling 1.3% and 0.9%, respectively, as the oil price hit a new eight-year high. In Germany, power contracts hit record levels.

Facebook outages

Facebook (NASDAQ: FB) was the major detractor, falling over 5% as the company deals with a bombshell interview from a whistle-blower questioning its censorship and approach to the safety of its users. The company also had a mass outage overnight affecting Facebook, Instagram and Whatsapp.

Tesla boost

General Motors (NYSE: GM) reported a big fall in third-quarter sales as the semiconductor shortage hits supply. On the other hand, Tesla (NASDAQ: TSLA) avoided the issues, delivering 241,000 vehicles, 73% higher than 2020 levels.

US stock market movers

Here’s how other popular US stocks started the week on Monday.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is following US markets lower this morning. In early morning trade, the ASX 200 is down 0.6%. For a recap of all the latest news, check out my ASX 200 morning report.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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