The Dow Sinks. A Tech Selloff Is On.
The Dow Jones sinks over 300 points as a tech selloff occurs due to investor fears of more Fed rate hikes, with Apple, Tesla, and Nvidia all experiencing significant declines.
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Posted 9/6/2023, 6:17:00 PM
barrons.com
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Summary: The Dow Jones Industrial Average and other stock indexes experienced significant declines as market attention shifted to the upcoming speech by Fed Chair Jerome Powell at the Jackson Hole Economic Symposium, while Nvidia's gains were nearly wiped out after strong earnings and Tesla CEO Elon Musk issued a warning regarding the Cybertruck, although Box, NOV, and Automatic Data Processing showed strength.
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The stock market sinks as a tech selloff occurs due to investors' fear of more Fed rate hikes, with Apple, Tesla, and Nvidia all experiencing significant declines.
Dow Jones futures open with the stock market rally weakening and major indexes falling below their 50-day lines, but there is potential for change with upcoming events such as Apple's product unveiling, Oracle's earnings release, and the August CPI inflation report. Additionally, Tesla, Roku, and Shopify are among the Cathie Wood holdings near buy points.
The Dow closes slightly higher despite weakness in consumer stocks, as tech and energy sectors rally ahead of the Federal Reserve meeting, while Apple sees strong demand for the newly launched iPhone 15.
The Dow Jones Industrial Average dropped 225 points as global markets responded to the Federal Reserve's shift in tone, while unemployment claims unexpectedly decreased and tech stocks like Nvidia and Tesla experienced sell-offs.
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