Imagine oversleeping on Friday morning and waking up to find the Nasdaq down 100 and the Dow up nearly 50. You probably would’ve thought you were dreaming. Perhaps you’d roll over and go back to sleep. In this new era of strange trading days, Friday had to rank right up there with the strangest of them.
Well, no one saw that coming! U.S. technology stocks took a big plunge today, causing the Nasdaq 100 index to drop 1.5% from a fresh record high that it had hit earlier in the day. Technology stocks have been rallying aggressively in recent times, as momentum-chasing speculators bought names such as Alphabet, Amazon, Apple, Facebook and et al. like there was no tomorrow.
Those of you who’ve been following my work carefully know I’ve been very concerned about the stock market eventually waking up to the events of the day and not liking it very much. The problem was nobody knew when that would happen given the market has overlooked so much for so long.
U.S. stocks opened higher on Friday, led by technology stocks, as a sense of calm prevailed over the financial market in a week that was dominated by political uncertainty surrounding Donald Trump's presidency.
U.S. stocks rose as upbeat economic data emboldened investors to return to the market on Thursday, a day after Wall Street suffered its worst selloff in eight months following a political crisis involving President Donald Trump.
It may be more so on style than substance that President Donald Trump’s dismissal of FBI Director James Comey fails very badly. Yet, in spite of what were broadly accepted reasons for the dismissal, the disquieting manner in which so many aspects of it were handled became the ‘substance’ in terms of the lower standing of the President even within his own party; and needless to say the not-so-loyal opposition from the Democratic Party.
The S&P 500 and the Nasdaq opened at record highs on Tuesday amid rising appetite for riskier assets following Emmanuel Macron's victory in the French presidential election and a strong U.S. corporate earnings season.