Dear readers, US technology stocks sank overnight yesterday as the NASDAQ went south by 2.6% in its worst outing since March 2021. The driving force from what I understand is investors’ focus on prospects of inflation which could in turn prompt the Federal Reserves to tighten policies and hence affecting valuation of growth stocks like technology companies.
Let us see how some of the technology stocks listed on the US bourse performed yesterday.
Facebook stock: -4.11%
AliBaba stock: -2.57%
Baozun stock: -4.25%
Best Inc stock: -5.74%
JD stock: -5.44%
TME stock: -5.22%
As you could see from the above, Chinese stocks listed on the US bourse generally did worse than their American counterpart stocks. This could be due to the delisting development of some Chinese telco stocks from the US stock exchange recently.
To me, yesterday’s southing of the NASDAQ is just nothing coming to a larger market correction that will likely to hit the stocks markets. Be prepared to take advantage of opportunities!
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