By Francisco Rodriguez-Castro on September 8, 2020
SAN JUAN – The US stock market began the week with losses for a third consecutive trading day. The technology sector fueled a sell-off that made the Nasdaq drop 4.11% in value.
The current loss equates to 33% of the Nasdaq composite stocks. There are increased concerns that the recently revealed options strategy by Japan’s conglomerate Softbank may have artificially increased the value of the tech stocks.
The biggest losers among them were:
- Tesla (TSLA): lost 20.84%, or $ 88.11, closing at $ 330.21.
- Apple (AAPL): lost 6.58%, or $ 7.96, closing at $ 113.
- Microsoft (MSFT): lost 5.48%, or $ 11.74, closing at $ 202.51.
Today, the world welcomed a new billionaire, Zhong Shanshan, founder and CEO of Nongfu Spring, China’s largest bottled water group. Zhong Shanshan became the country’s third-richest person with a fortune of more than $ 50 billion as his company’s stock surged on its debut in Hong Kong. The rise is significant. China’s wealthiest individual, Jack Ma, the founder of Alibaba, has a $ 57.8 billion fortune.
On to markets:
- The Dow Jones Industrial Average closed at 27,500.89, down 632.42 points, or 2.25%.
- The Standard & Poor’s 500 Index closed at 3,331.84, down 95.12 points, or 2.78%.
- The NASDAQ Composite Index closed at 10,847.69, down 465.44 points, or 4.11%.
- The Birling Capital Puerto Rico Stock Index closed at 1,601.77, up 28.03 points, or 1.78%.
- The US Treasury 10-year note closed lower, at 0.69%.
- The US Treasury 2-year note closed flat, at 0.14%.