Business
ASX to drop; Nasdaq slumps into a correction – The Australian Financial Review
The ASX is set to fall 1.6 per cent with local tech stocks just 2 per cent away from a correction. A sharp selloff in the US soured the mood, with the Nasdaq hammered 10 per cent over three sessions and Tesla plunging 21pc after missing out on S&P500 inclusio…
US technology stocks were hammered overnight, with Tesla dropping 21 per cent; Apple down 6.7 per cent; Microsoft lower by 5.4 per cent; Amazon falling 4.4 per cent; Facebook down 4.1 per cent.
The Nasdaq has closed lower for three straight sessions, with the 10 per cent slide taking the index into a technical correction.
Elon Musk, founder of Tesla.
Tesla’s plunge – its biggest daily loss ever, according to Bloomberg – reflected both GM’s investment in electric-truck maker Nikola as well as…
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