Tech stocks were pummeled on Thursday as the Nasdaq dropped more than 5%. Other biggest tech stocks were performing even worse, with Amazon and Microsoft losing over 5% and Apple falling more than 6%. Zoom Video and Tesla suffered even larger blows, shedding 8.4% and 7.8%, respectively. Facebook slipped 5% after announcing the company will ban political ads in the week heading into election day. The S&P 500 tech sector was on pace for its worst day since June 11.
It is worth noting that exactly on September 3, 1929, the market reached its peak, after which the greatest collapse in history began.
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Nasdaq (US 100) dropped over 5% today. Just like before the pandemic, the declines began after an attempt to break above the growth channel. Source: xStation5
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