The Nasdaq has slipped into correction territory as it suffers its third consecutive day of losses, falling 4.1% yesterday alone, bringing its total losses in excess of 10% since last week’s record high, the worst sell-off since March.
Tesla led the turmoil as it 21% in a single day and saw $82bn wiped off its valuation, equivalent to the value of Morgan Stanley. Across the FAANGs, Facebook, Apple, Amazon, Netflix and Google fell 4.1%, 6.7%, 4.4%, 1.8% and 3.6% respectively, and Microsoft shed 5.4%. Two-thirds of the total index recorded losses. SoftBank once again suffered as US tech lost out, falling nearly 5% in early trading, which brings its total decline to 12% this week.
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