Stock

US stocks hammered as bears push Nasdaq to 52-week low

US stocks declined sharply on Tuesday amid investor apathy towards equities, with a huge sell-off in tech stocks among other sectors pushing major indexes into the ground.

After trading lower for much of the day, the Nasdaq Composite closed 3.95% in the red. The tech-heavy index, weighed down by losses in all the mega-cap stocks, declined to 12,490.74 to end the session at a new 52-week low.

With the losses, Nasdaq is now more than 12% down in April, while its decline into bear market territory stood at -23% at the close.

The bloodbath also saw the Dow Jones Industrial Average drop more than 800 points, declining to 33,240.18 at the close. The day’s 2.38% shake-down pushed the Dow more than 4% into the red month-to-date. The S&P 500 fell 2.8% on Tuesday to 4,175.20, bringing month-to-date losses to nearly 8%.

Losses in the stock market have come as investors fret over surging COVID infections in China and continuing uncertainty around the Russia-Ukraine war. Inflation and jitters over central bank monetary policy compound the negative sentiment.

Tech stocks lead sell-off

Among individual stocks, tech stocks saw the most downside across the market. earlier sell-offs had already sunk Tesla by more than 10%, before further quickfire deals pushed it to close more than 12% lower. This happened even as details of Musk’s Twitter bid showed the deal has to close by 24 October.

Apple shares closed 3.7% down, while Amazon shed 4.6% and Facebook parent Meta ended the session 3.2% lower. Microsoft and Google parent Alphabet, which released their earnings reports after the bell, both edged lower. Microsoft lost 3.74% but was up more than 5% in after-market deals thanks to better than expected earnings results.

Alphabet fell 3.6% intra-session before earnings miss on YouTube saw its shares sink 4.30 in post-market trading.

Other big losers were Netflix, which shed 5.48%; Nvidia -5.6%, and Advanced Micro Devices (AMD) -6.1%. General Electric fell 10.3%.

Crypto mirrors Wall Street 

The cryptocurrency market also witnessed a sharp dose of downside pressure Tuesday, with billions of dollars wiped off the total crypto market after a 4.7% drop.

Bitcoin, which has struggled around the $40,000 price level, fell below the area once again to hug lows near $38,000. The flagship cryptocurrency lost over $2,000 with over 5% in decline over 24 hours and was trading around $38,430.

Other cryptocurrencies also fell, with Ethereum dipping below $2,900 after losing nearly 5%. Cardano, XRP, and BNB were also down by more than 6%. Meanwhile, Dogecoin, which surged more than 25% as news of Elon Musk’s purchase of Twitter emerged on Monday, was down more than 10%.

The post US stocks hammered as bears push Nasdaq to 52-week low appeared first on Invezz.

Disclaimer: MonopolyWinnersUpdates.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 MonopolyWinnersUpdates.com. All Rights Reserved.

To Top