(Bloomberg) -- The violent rotation from Big Tech plunged the Nasdaq 100 Index into correction territory, wiping out more than $2 trillion in value in just...
-- The violent rotation from Big Tech plunged the Nasdaq 100 Index into correction territory , wiping out more than $2 trillion in value in just over three weeks, as traders unwound bets that had been minting money for over a year.While ‘Pod Save America’ Tries to Unite Democrats, Its Staff RebelsThe index was down 1.7% in early trading on Friday, taking its loss since a July 10 record past 10%, with Apple Inc. leading declines.
The rotation away from tech began in earnest after reading on June prices showed cooling inflation, stoking bets the Fed is ready to cut rates. The initial beneficiary was small-capitalization stocks, with the Russell 2000 rising about 4.5% since then, compared with the Nasdaq 100’s 3.8% decline. “I don’t think they’d be doing this kind of spending if demand wasn’t there, which bodes well for the long-term AI story,” said Stone, who said he had been adding to his Microsoft position amid the selloff. “However, there are all kinds of questions about the timing of AI demand, AI spending, and this kind of selling are the bumps in the road that come with that kind of thing.”The Dow Jones, S&P 500 and Nasdaq sold off. Amazon.
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