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Seven Days: 11 September 2020

Seven Days: 11 September 2020

Tech tumble

Follows rally

After a major rally, and a significant rise in August, US tech stocks have pulled back since the start of September – with the tech-heavy Nasdaq Composite index slipping by roughly 9 per cent between the first and eighth days of the month. Shares in Tesla (US:TSLA) alone slumped by more than a fifth on Tuesday. This comes amid suggestions that Japan’s SoftBank spurred the aforementioned tech rally on prior to its reversal. Citing people familiar with the matter, a Financial Times report depicted SoftBank as the “Nasdaq whale” that had purchased billions of dollars’ worth of US stock derivatives.

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