- Amazon leads stocks lower as traders turn skittish on AI bets
- Prospect of rate cuts should boost demand for riskier stocks
The violent rotation from Big Tech plunged the Nasdaq 100 Index into correction territory, wiping out more than $2 trillion in value in just over three weeks, as traders unwound bets that had been minting money for over a year.
The index was down 2.2% in midday trading on Friday, taking its loss since hitting a record on July 10 past 10%. If that holds through end of the session, it will meet the definition of correction. The index remains up nearly 10% for the year.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.