Business
ASX to drop, US tech rout deepens, Tesla sheds 21pc – The Australian Financial Review
Australian shares are set to drop as the selling of US tech shares yet again hammered Wall St. Tesla plunged after failing to make the S&P 500 and after GM bought a stake in Nikola. $A tumbles.
Mr El Erian also tweeted: “because of the way some #investors are positioned, there’s a notable risk here of the selloff feeding onto itself before it subsides”.
Among the biggest losers: Tesla -21%; Apple -6.7%; Microsoft -5.4%; Amazon -4.4%; Facebook -4.1%.
Tesla’s plunge – its biggest daily loss ever, according to Bloomberg – reflected both GM’s investment in electric-truck maker Nikola as well as investors disappointment with Tesla failing to be added to the S&P 500, a decision announc…
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