Stock markets rebound after US tech sell-off – Business Live | Business


Hello and welcome to our live coverage of business, economy and financial markets.Is the American tech bubble burst? Was it even a bubble in the first place? That’s what seems to be on the minds of investors this morning, after a sharp sell-off in tech stocks last night on Wall Street triggered losses around the world this morning.

Australian stocks led the declines, with the S & P / ASX 200 down 3.1%. Hang Seng of Hong Kong lost 1.5% and the Shanghai / Shenzhen composite, the CSI 300, lost 1.1%. Japan’s Topix lost 0.9%. Futures contracts indicate that European stocks will also open in the red.

As the Guardian’s Dominic Rushe and Graeme Wearden said last night, the tech sell-off was more a reduction of some of the industry’s most spectacular gains in recent weeks, rather than an appropriate correction.

In New York, the Dow Jones Industrial Average fell 808 points, or 2.78%, after surpassing 29,000 for the first time since February on Wednesday. The S&P 500 fell 3.5% and the highly technological Nasdaq fell 4.9%.The S&P 500 and Nasdaq had set their last records a day earlier, and the latter index is still up nearly 28% for the year.


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