Tesla and tech extend sell-off

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Markets resumed the tech sell-off after Labour Day with overseas markets and North American futures giving clear warning before the Tuesday open. Hardest hit was high-flyer Tesla.  Tesla wasn’t added to the S&P 500 as widely expected, and shares plummeted 21% on Tuesday, its worst one-day drop ever. The Nasdaq continued to plunge from last week, closing -4.11% as every big tech name suffered large losses: Apple -6.73%, Amazon -4.39% and Microsoft -5.41%, for example.

All 11 sectors of the S&P closed down with the S&P finishing -2.78%. The Dow ended -2.25%. Not only tech, but financials lost value on Tuesday. JP Morgan slid 3.48% and Goldman Sachs declined 4%. Energy also sold off with Chevron closing -3.61% along with a the price of WTI at -7.24%. WCS sold off nearly 9%.

Canadian stocks suffered less damage, since tech has a smaller presence on the TSX. The TSX closed -0.73%, weighed down by energy (-7.59%). Shopify sold off 4.37% Enghouse Systems fell 3.23% and Lightspeed shed 2.3%. The day’s big winner was Village Farms International, soaring 10.38% after announcing a major cannabis acquisition. Meanwhile, Artis REIT jumped 4% on news it will spin off its Canadian retail properties. Gold was essentially flat for the day.

🚗 Tesla Motors Inc -21%
🍎 Apple -6.73%
📦 Amazon.com -4.39%
Ⓜ Microsoft -5.41%
🏛 JP Morgan Chase & Co -3.48%
🏛 Goldman Sachs -4%
🛢 Chevron Texaco -3.61%
🛍 Shopify Inc. -4.37%
💿 Enghouse Systems -3.23%
💾 Lightspeed POS -2.3%
🌿 Village Farms International, Inc. +10.38%
🏛 Artis Real Estate Investment Trust +4%