No big deal, though.
"Nasdaq 100 dips, as techs take a hit" by Elena Popina and Lu Wang Bloomberg News June 10, 2017
A key stock market fault line buckled Friday as a group of momentum stocks that were fueling this year’s rally suddenly plunged.
The first of several shock waves we will be seeing in the upcoming weeks -- thus the war with Iran!!!
So abrupt were the losses in companies from Facebook Inc. to Apple Inc. and Netflix Inc. to Nvidia Corp. that they pulled the Nasdaq 100 Index to its biggest decline relative to the Dow Jones industrial average since 2008. Accounts of what spurred it ranged from bearish tweets by a short seller to a cautious note from Goldman Sachs Group Inc.
Oh, this is $eriou$.
The reversal on an otherwise placid day was violent enough to spur soul-searching in bulls after a rally that had added more than $500 billion to the market value of Apple, Alphabet Inc., Microsoft Corp., Amazon.com Inc., and Facebook in 2017. An index of momentum stocks last week completed its longest streak of daily gains since 1992.
Oh, all the big tech firms are overvalued after their owners and founders have extracted billions of cash from them, huh? All that CIA- and MIC- funded crap collapsing? All the spyware and trackers they hoped to to turn into necessities stagnant now?
That's what happens when you $uck all the dough upward and leave nothing for anyone else.
Oh, wait until those pension funds and college endowments start seeing their next quarterly.
And you thought there was a half-billion dollar hole in the current state budget and a billion shortfall due for next year? It's going to be way, way wor$e!
“The question is whether sentiment is shifting for the long term or just a temporary setback,” said Bill Schultz, who oversees $1.2 billion as chief investment officer of McQueen, Ball & Associates Inc.
Losses were significant. As the Dow eked out an 89-point gain, the Nasdaq 100 slid 2.4 percent, trimming a decline that at one point reached 3.8 percent, the most in a year. The Philadelphia Stock Exchange Semiconductor Index slumped 4.2 percent and at one point was down 6.1 percent, the most since 2014.
Within the Standard & Poor’s 500, tech shares also trailed the full index by the most since 2008 as investors took profit in an industry whose gains this year through Thursday had almost tripled the S&P 500. Traders cited a rotation out of technology and into banks and energy, the biggest losers in 2017, driving up those groups up at least 1.9 percent.
WTF is this about banks being losers? I $uppo$e the lies are only going to get worse.
So that is why they are preparing us for the "news" of the continuing Grand Depression while telling us everyone who wants work has work and we need more H1 and H2 immigration visas.
Yup, that "rainy day" fund for BANKS needs to be kept $olvent. They first in line for the $et a$ides, you know.
Sentiment was shaken early in the day when Robert Boroujerdi, Goldman’s global chief investment officer, warned that low volatility in Facebook, Amazon, Apple, Microsoft, and Alphabet may be blinding investors to their risks. Those include cyclicality, tech disruption, and regulation, which could exacerbate downside volatility should market conditions change.
Stuff is getting gross, and they should be worried.
It didn’t help when Andrew Left of Citron Research tweeted about “frenzied casino action” in Nvidia. The Santa Clara, California-based chipmaker, up 50 percent year-to-date through yesterday, lost 6.5 percent and was earlier down almost 11 percent, the most since May 2011. It ended the day with the worst loss in the S&P 500.
Julian Emanuel, a strategist at Union Bank of Switzerland’s Group AG, was more optimistic. Despite the potential for a summer setback for technology shares, the long-term picture remains upbeat, Emanuel, who is overweight tech stocks, said in a note Friday. What could give investors pause is a surge in inflows, expanding multiples, he said.
Still, concern remains that the valuations of technology firms have gone too far. Amazon, Facebook, Apple have added at least 29 percent this year, compared with a 8.6 percent gain in the S&P 500. The Nasdaq 100 trades for 26 times annual earnings, the biggest gap to the S&P 500 since the end of 2015.
“People have focused too much on market-share gains of the largest names but have forgotten that technology is cyclical,” said Ilya Feygin, senior strategist at WallachBeth Capital.
Didn't seem to bother Wall Street:
"Wall Street turned in an uneven finish Friday as investors unloaded technology company shares in favor of energy and financial stocks. The tech-heavy Nasdaq composite, which has outpaced gains by other US stock indexes this year, fell the most. The Standard & Poor’s 500 index closed slightly lower. Even with the sell-off in technology stocks, the Dow Jones industrial average and the Russell 2000 index of small-company stocks closed higher, each setting new highs.‘‘We’re seeing investors rotate out of the international stocks and into the US stocks in general,’’ said Sam Stovall, strategist at CFRA Equity Research. ‘‘And also a rotation out of technology and into energy, materials, and financials.’’ The indexes closed out the week unevenly after several days of trading in a mostly narrow range (AP)."
Narrowly uneven is how I would describe the pri$m through which my pre$$ sees the world.
"Sirius XM Holdings Inc. agreed to acquire a 19 percent stake in Pandora Media Inc. for $480 million, giving the satellite-radio provider a long-sought entree into the online-radio business. In a separate transaction to improve its cash balance, Pandora sold the concert-ticketing business Ticketfly to Eventbrite for $200 million. The deals give Pandora a lifeline as the company adjusts to the shifting winds in the music industry, where on-demand downloading services like Spotify are on the rise. The Sirius XM deal makes the satellite-radio company Pandora’s largest shareholder."
Think they are overvalued?