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Dow Slumps as Apple, Tesla Trigger Tech Sell-off

Stock Markets Sep 08, 2020 03:18PM ET
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By Yasin Ebrahim

Investing.com – The Dow slumped Tuesday, dragged lower by large-cap tech stocks amid souring U.S.-China relations.

The Dow Jones Industrial Average fell 2.04%, or 572 points. The S&P 500 was down 2.54%, while the Nasdaq Composite slumped 3.67%.

Apple (NASDAQ:AAPL) led the rout in FAANG stocks, dropping 5%. The selloff in Apple comes amid growing speculation over whether the company will launch its new iPhones at its event on Sept. 15.  

Apple's legal battle with Fortnite maker Epic Games intensified as the iPhone maker said it had countersued the games' maker, alleging breach of contract.

"While the launch and 5G smartphones hitting the shelves will be in October, we continue to believe the official virtual unveiling of this linchpin product launch will be in late September with an announcement out of Cupertino in the next few weeks," Wedbush said in a note earlier this week.

Chip stocks also played a role in the selloff, with the Philadelphia Semiconductor Index down 4%. The Trump administration is reportedly looking at adding Chinese chip giant, SMIC, to the Commerce Department’s "Entity List," which would bar it from doing business with U.S. firms.

Energy stocks plunged into the red, down 4% as U.S. oil prices sank more than 8% as ongoing concerns about the strength of demand persisted.

In other news, Tesla (NASDAQ:TSLA) fell 19% after the electric automaker failed to make the cut for inclusion into the S&P 500 index despite recording a fourth consecutive quarterly profit earlier this year.

Tesla rival Nikola (NASDAQ:NKLA) surged 40% after the electric truck maker announced that General Motors (NYSE:GM) had taken an 11% stake in the company that would see GM produce the electric truck maker’s hydrogen fuel cell electric truck, the Badger, by the end of 2022.

Boeing (NYSE:BA), meanwhile, slid 4% as the company reported that the U.S. aviation authority began a probe into manufacturing flaws in the Boeing 787.

The company reported a total of 13 deliveries last month as inspections from manufacturing faults of its 787 Dreamliner jets halted order activity.

Dow Slumps as Apple, Tesla Trigger Tech Sell-off
 

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Comments (11)
Kitty Halo
Kitty Halo Sep 09, 2020 4:25AM ET
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Tesla & Apple are not the cause, SB is. Thank for those shorter, so I could buy cheaper Tesla shares. Keep going.
Pratt Man
Pratt Man Sep 08, 2020 4:56PM ET
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as soon as heard about the manipulation of faang stocks I shorted them all last week Wednesday. trump failed us all
Allan De Guzman
Allan De Guzman Sep 08, 2020 3:57PM ET
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When tech rise Dow went down and now Tech is down Dow is down to so how could dow make recovery on this situation ???
Thom Miller
Thom Miller Sep 08, 2020 3:55PM ET
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Trump’s goose is now cooked. Stick a fork in him. Yep, he’s done!
Bobster Bambino
Bobster Bambino Sep 08, 2020 3:55PM ET
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Nov 3rd. Flush the terd
Plopseven Schwartz
Plopseven Schwartz Sep 08, 2020 3:55PM ET
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Did you read Michael Cohen’s statement today? Trump is FINISHED. https://www.independent.co.uk/news/world/americas/us-politics/trump-racism-obama-michael-cohen-chicago-b419763.html
Ed Glass
EddieG Sep 08, 2020 3:44PM ET
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liquidity time.
eddie glass
eddie glass Sep 08, 2020 3:06PM ET
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and USD hasnt even pumped above 94 yet... money wasnt flowing massively into bonds for no reason while the fed was handing out cheap fiat
Minh Tuấn
Minh Tuấn Sep 08, 2020 3:06PM ET
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có wew5&₫)
Kelly Mayer
Kelly Mayer Sep 08, 2020 2:58PM ET
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Nasdaq 10% correction mark
John Klan
John Klan Sep 08, 2020 2:58PM ET
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going to twenty
Cristian Hernández
Cristian Hernández Sep 08, 2020 2:48PM ET
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when to buy back?
Plopseven Schwartz
Plopseven Schwartz Sep 08, 2020 2:48PM ET
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$40.
eddie glass
eddie glass Sep 08, 2020 2:31PM ET
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AAPL and TSLA (and TSLA's share offering/dilution) would like to thank you for falling for the r/s scam at the peak of a tech bubble during a recession generated due to lockdowns during an election year
Milan Rivkin
Milan Rivkin Sep 08, 2020 2:05PM ET
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yeah i think🤔
 
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