Net worth tracking
Login Sign Up
Become a Premium Member
  • All Opinions
  • Top Picks
  • Experts
  • Companies
  • Discover
Watch List
Home » Daily

Tesla and tech extend sell-off

Allan Tong Posted On September 8, 2020
0
0
Shares
  • Share On Facebook
  • Tweet It


This week, you missed Past Top Picks comments by Michael Sprung including Canadian Natural Rsrcs (A Top Pick Aug 22/18, Down 27%) Get Premium to receive all past top picks opinions a few hours before market open.
Get Premium

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%

0
Shares
  • Share On Facebook
  • Tweet It




Trending Now
FedEx, Aritzia Inc. and 17 Stock and 3 ETF Top Picks (Jun 24-30)
Melisa R. H. July 1, 2022
3 gems from the Collision technology conference
Allan Tong June 29, 2022
Tech leads bounce after rout
Read Next

Tech leads bounce after rout

  • We're the Stock Chasers
    Hi! We are the Stock Chasers. We write about investing and finance tools we love. We’re passionate about fintech and we invest almost all our affiliate and advertising revenues into the development of Stockchase and Wealthica. We hope you enjoy the stock ideas and product reviews!
  • Top Reviews

    • Questrade Review: Pros & Cons of Trading with Questrade Canada (2021)
      8.5
    • Questrade vs Others | The Review Competitors Don’t Want you to Read (2021)
      7.4
    • The Ugly Truth About Identity Theft – Free Credit Report
      7
  • Popular Posts

    • FedEx, Aritzia Inc. and 17 Stock and 3 ETF Top Picks (Jun 24-30)
    • 3 gems from the Collision technology conference
    • Intertape Polymer Group and More at 52-week Highs & Lows (Jun 22-28)
    • 3 defensive stocks to find stability with your money
    • Markets slide on recession fears
  • Stock Lists

    • 3 defensive stocks to find stability with your money
      June 21, 2022
    • 3 rock stars of the mineral stocks
      June 15, 2022
    • 3 stocks to profit from revenge travel
      June 7, 2022
    • Are tech stocks alive?
      May 31, 2022
    • 3 dividend stocks to fight inflation
      May 24, 2022


  • Get $50 in free trades.


  • Stockchase neither recommends nor promotes any investment strategies.

    About us : Privacy & Terms : Contact us

© Stockchase Inc.
Press enter/return to begin your search