The Nasdaq index suffered its worst day since 2011 yesterday, dropping over 3% as investors continued to switch out of technology and biotechnology holdings.
The Nasdaq closed down 3.1% at 4,054, and has now fallen 7.3% since its March peak, with the likes of Tesla and Facebook each falling by over 5% yesterday. Biotechnology stocks suffered even more severe falls: the Nasdaq biotech index fell some 6% and is now on the verge of entering bear market territory, having fallen 19% since its February peak. The sell-off had a knock-on effect on broader markets: the S&P 500 closed down 2.1% at 1,833, while Asia also saw heavy selling overnight. Japan's Nikkei was down 2.4% at 13,948 shortly before the close, a six-month low, and has now fall...
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