Business
Tech stocks suffer as US bloodbath spreads to ASX – Sydney Morning Herald
The local bourse shed $56b on Friday, eroding two buoyant days with a 3.1 per cent plunge that marked the benchmark’s worst performance since May 1.
Steep falls in overheated tech megacaps such as Tesla, Apple and Microsoft helped set Asian markets up for a poor session, with Australia the region’s clear laggard.
Milford Asset Management portfolio manager Mike Higgins said a Wall Street dive was probably overdue after a run of record highs.
“There are a lot of risks in the world right now. I think a lot of people have been looking at the US for some time and see that it has been quite unbelievable the run theyve had,” he said.
“So theyve …
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