Tag: whipsaw

Stocks end a whipsaw session lower as tech selloff resumes; Nasdaq drops 2%

Stocks traded choppily Thursday and turned sharply negative, as a temporary resurgence in technology shares lost steam. Each of the three major indices sank more than 1.2%.

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The big tech and software stocks pummeled over the past week fell anew, with shares of Apple, Microsoft and Netflix each lower by more than 2.5%. A day earlier, these and other tech stocks led the Nasdaq to its best one-day gain since April. However, the index remained lower by about 5% for September to date.

The short-lived rally Wednesday came in absence of any major catalysts, as investors swooped in to purchase shares following the steep declines of the past several sessions. As of its closing price on Tuesday, the Nasdaq had fallen 10% from its recent record high last week, sending it into correction territory.

“Much like there was no real reason for the drop the past three days,

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European shares end whipsaw session lower on tech rout

(Reuters) – European shares ended lower in a wild trading session on Friday as technology stocks tracked losses on Wall Street, while merger talks between two major Spanish lenders lifted the banking index.

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 4, 2020. REUTERS/Staff

The pan-European STOXX 600 index settled 1.1% lower after flitting between gains and losses, while also shedding about 1.9% for the week on a two-day technology rout.

Wall Street indexes plummeted on losses in the technology sector, which retreated sharply from record highs after leading the rebound from pandemic-driven lows. [.N]

The European technology sector .SX8P fell 2.7% to end at a one-month low, underperforming its peers for the week with a 4.1% drop.

German software developer Nemetschek (NEKG.DE) bottomed out the STOXX 600, shedding 9.4%.

On the other hand, Bankia (BKIA.MC) and

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