Wall Street experienced its most important single-day decline in over a month on November 21, triggered by a broad sell-off in technology stocks. The Nasdaq Composite Index led the downturn, falling 1.87%, while the S&P 500 dropped 1.4%, and the Dow jones Industrial Average shed 0.85%.
the market’s retreat follows weeks of gains fueled by optimism surrounding cooling inflation and potential interest rate cuts by the Federal Reserve.However, renewed concerns about the strength of the economy and lingering high interest rates prompted investors to cash in on recent profits, particularly in the high-growth technology sector. The sell-off impacts investors across all market segments, perhaps delaying anticipated gains and introducing volatility as the year closes. Analysts are now watching closely for signals indicating whether this marks a temporary correction or the beginning of a more substantial market shift.
Beyond the broader market movements, several corporate developments unfolded. Alibaba (BABA) announced plans to launch a redesigned AI mobile request, “Qwen,” aiming to challenge ChatGPT and generate revenue through individual user subscriptions, integrating clever agent functions focused on e-commerce.Concurrently, Scion Asset Management, the firm led by investor Michael Burry – famed for his prescient bet against the 2008 housing market – was removed from the SEC’s registry of investment advisers on November 10, suggesting a possible fund closure or restructuring.
Additionally, Pfizer has completed the divestiture of its remaining shares in BioNTech, realizing up to US$508 million in proceeds and signaling a closing chapter in the pharmaceutical giant’s post-Covid collaborations.
