What an end to the week- a sudden fall in some of the major tech stocks lead to the NASDAQ and S&P 500 indices having two negative days in a row after posting record highs. The NASDAQ, which is tech-heavy, dropped 7% from its record high at one point Friday, before closing at 6% down from the high. The S&P 500 dropped 6% from its peak at one point on Friday before recovering slightly to being down 4% from its high. On Friday, the S&P/NZX 50 followed the US's Thursday fall somewhat, down 1.9%.
Notable in these falls is Apple- which has fallen by over 12% from its record high, although at one point it was at closer to a 15% loss- and Tesla, which has fallen an astounding 25%, which classifies both of these stocks as being in correction territory (a fall of >10% from their recent peak).
With a public holiday in the US on Monday, it is likely that the NZ markets will have a quiet start to the week while we wait to see how the US fairs when it reopens Tuesday.
Due to this market pullback, my portfolio has dropped in value this week, but the drop was not too significant at approximately 1%.
