Friday, 22 October 2021

Nasdaq loses 2% with tech sell-off

Courtesy of Nasdaq

WASHINGTON – The Nasdaq closed lower on Wednesday with a sell-off in technology stocks.

The tech-heavy index lost 265 points to end the day at 12,961, with GameStop plummeting 33% and AMC Entertainment sliding 15%.

The two companies were popular in January when a group of small investors coordinated on social media platform Reddit under the WallStreetBets forum to buy and hold shares, driving stock prices higher.

Zoom Video was down 7% at the final bell, while Airbnb, Tesla and Blackberry all shed more than 4%.

The Dow was flat at 32,420 and the S&P 500 was down 20 to 3,889 with Tesla losing 4.8%.

The Securities and Exchange Commission (SEC) announced it started to implement the Holding Foreign Companies Accountable Act, which includes removing Chinese companies from US stock exchanges.

Check Also

Cryptocurrencies tumble amid China crackdown

REUTERS/Dado Ruvic/Illustration/File Photo TOKYO – Cryptocurrencies tumbled on Monday as China’s crackdown on bitcoin mining ...

Leave a Reply