Ugly, ugly, ugly. That could be the description of yesterday’s brutal sell off in tech stocks which led a broad market decline. The selling in some of the big tech darlings yesterday was spectacular: Tesla –9 per cent, Apple –8 per cent, Microsoft –6 per cent, Zoom –10 per cent. The Nasdaq settled down -5 per cent for the day but off its lows and it's only back to where it was last week, which simply shows what an extreme melt-up it’s been. The S&P 500 closed down -3.5 per cent. Ugly is the only word.
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