Dow tumbles 500 points as Wall Street sells off Big Tech
CNN
US stocks tumbled Friday, heading for a down week despite a year of historic highs.
US stocks tumbled Friday, heading for a down week despite a year of historic highs. The Dow was lower by around 450 points, or 1%, in early-afternoon trading, the S&P 500 lost 1.4% and the Nasdaq Composite was down by 1.9% after a selloff in Big Tech stocks. Shares of Tesla (TSLA) fell by around 4.5%, while Amazon (AMZN), Alphabet (GOOG), Microsoft (MSFT)and Nvidia (NVDA) were all lower by around 2%. The “Magnificent Seven” group of high-performing tech stocks — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — has accounted for more than half of the gains so far this year as they benefit from intense investor focus on ways to play the artificial intelligence boom, according to S&P Dow Jones Indices. Analysts have long cautioned that the market’s reliance on a handful of names exposes the stock market to potential trouble, should the group stumble. “If a few of these companies fail to beat an elevated bar for positive surprises, there is a risk they would also fall together,” said Keith Lerner, chief market strategist at Truist Wealth. “I would prefer a broader market, where mega cap growth stocks do well and other segments are also doing well. So if one area falters, another segment picks up the baton.” Bitcoin’s tremendous late-year rally also fizzled, as traders looked to profit taking. The cryptocurrency plunged to around $93,900 Friday after topping $106,000 earlier this month on hopes that President-elect Donald Trump will usher in a crypto-friendly administration when he returns to the White House next month.
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