It's perhaps a healthy correction of sorts after the unrelenting run higher since the AI bubble began. The break of the 100 and 200-day moving averages have led to the break of the key trendline support (white line) above as well.
The last time we had four straight weekly losses in tech shares was back in July to August last year. But even then, that final stretch saw the Nasdaq close just 0.2% lower after having been down by as much as 6.4% during the week. So if you really want to track four painful weeks for the Nasdaq, you'll have to go all the way back to the period of April to May 2022.
Trump's tariffs, geopolitical uncertainty, softening US economic data, recession risks, AI competition from China, and overstretched valuations are just some reasons to point to.
The corrective run we're seeing points to the potential that stocks might not have it that easy of a time this year. However, as soon as the Fed put starts to come back in, I'm sure that will help to soothe markets somewhat down the road.
This article was written by Justin Low at www.forexlive.com. Read More Details
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