Wednesday , October 20 2021

Red Wall on Wall Street: China Optimism did not help technology stocks – Exchange and Finance


Dow Jones and S & P 500 also complained during the trading day on Friday, using President Donald Trump's comments that China has expressed its willingness to enter into a trade agreement and that, therefore, it is not possible to increase the duty on Chinese imports.

– I think an agreement will be concluded. We will soon know, "said Trump.

It looked like Wall Street closed at 22:00 Norwegian time Friday evening:

  • Dow Jones closed 0.50 percent
  • The S & P 500 climbed 0.23 percent
  • Nasdaq Composite fell 0.15 percent

All three indices are in red overall for the week.

Nvidia shall

However, it was not only positive to trace in New York on Friday, as several of the technology experts continued to struggle with falling stock prices.

Worst of all, Nvidia, the graphics card manufacturer, fell 19.17 percent, marking the company's worst trading day since 2008 and the eighth worst day in history.

The company posted quarterly figures on Thursday night, which showed weaker sales than expected and disappointment for the rest of the year.

The company's powerful graphics card is used primarily for gaming, or manages complex transactions to "dig" for cryptographic. Demand for this type of graphics card has fallen when the price of crypto coin has fallen throughout the year.

Nvidia also gives more chip manufacturers in drag suction and AMD shut down 3.93 percent, Micron dropped 1.22 percent and

The listed fund VanEck Vectors Semiconductor, which follows the development in the sector, decreased 1.78 percent.

On the other hand, Apple had a better day with an increase of 1.1 percent, but ended the week down 5.35 percent after major cases Monday and Wednesday.

Heavy for more giants

But there were more than just mentioned technology companies lost in value, struggling like Amazon (-1.36 percent), Facebook (-3.02 percent), Netflix (-1.17 percent) and alphabet (-0, 15 percent) also saw stock prices tightened on friday.

Nasdaq 100, which consists of the largest companies on Nasdaq, with the exception of financial companies, fell 0.33 percent

Technology companies have now struggled since the Oslo Stock Exchange in October and the decline does not seem to be completely over.

"The cut is driven by more fundamental issues in key index components and there is now a danger that the very long period in which Nasdaq 100 has made it better than the rest is over," said Michael Shaoul, Head of Marketfield Asset Management. CNBC.

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