18 september 2020
22:12
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Wall Street closed with a loss on Friday. Another blow to heavyweight Apple had a lot to do with that.
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It has been another difficult day for technology stocks on Wall Street. The Nasdaq Composite fell 1.1 percent. The Dow Jones
kept it at a loss of 0.9 percent.
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Heavyweight Apple
weighed on all relevant stock market indices. The stock opened steadily, but then went lower to close with a loss of 3.2 percent. On September 1, Apple peaked at $ 134. Since then, exactly 20 percent has fallen off the rate to $ 106.8. In 18 days, investors consider Apple worth $ 500 billion less. On Friday, the stock market value ticked off at $ 1,850 billion.
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How much can still go off course? Quite a bit, says Barclays, that Friday lowered Apple’s advice to ‘keep’. The same was true of other technology stocks such as Microsoft
and Amazon. “We are talking about valuations that are in line with those from the dot-com bubble of 2000. These stocks are pricing in an ideal scenario.”
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Technical analysts noted that Big Tech stocks have fallen below their 50-day average. A negative signal for the adepts of price charts.
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