Wall Street experiencedโฃ its โขmost importantโ single-day decline in over a monthโค onโ November 21, โtriggered โby a broad sell-off in technology stocks. The Nasdaq Composite Index led the โdownturn, falling 1.87%, while the โขS&Pโฃ 500 dropped 1.4%, and the Dow jones Industrial Average shed 0.85%.
the market’s retreat follows weeks of gains โคfueledโ by optimism surrounding cooling inflation and potential interestโ rate cutsโค by the Federal Reserve.However, renewed โconcerns aboutโค the strength of the economyโ andโ lingering high interest rates prompted investors to cash in on recent โprofits, particularly in โthe high-growth technology sector. The sell-off impacts โคinvestors across all market segments, perhapsโค delayingโ anticipated gains and introducing volatility as the year closes. Analysts are now watching closely for signals indicating โขwhether this marks a temporary correctionโค or the beginning of a more substantial market shift.
Beyond โthe broader market movements, several corporate developments unfolded. Alibaba (BABA) announced plansโข toโฃ launch a redesigned AI mobile request, “Qwen,” aiming to โchallenge ChatGPT โand generateโ revenue through individual โuser subscriptions, integrating clever agent functions โfocused on e-commerce.Concurrently, Scion Assetโ Management, โthe firm led by investor Michael Burry – famed for his prescient bet against โคthe 2008 housing market – was removed from the SEC’s registry of investment โadvisers on November 10, suggesting a possible fund closure or restructuring.
Additionally, Pfizer has completed the divestiture of its remaining shares in โขBioNTech,โค realizing โup to US$508 millionโ inโค proceeds โคand signaling a closing chapter โขin the pharmaceutical giant’s post-Covid collaborations.
