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US stock market report – tech sell-off extends to 7%

The sell-off in US stock markets intensified on Monday despite positive news on COVID-19 treatments, with the Nasdaq down 2.1%.

The biggest detractor was the threat of higher inflation and a higher bond rate, effectively reducing the valuation or discount rates on high growth tech names.

The S&P 500 and Dow Jones both outperformed in comparison, falling 1.3% and 0.9%, respectively, as the oil price hit a new eight-year high. In Germany, power contracts hit record levels.

Facebook outages

Facebook (NASDAQ: FB) was the major detractor, falling over 5% as the company deals with a bombshell interview from a whistle-blower questioning its censorship and approach to the safety of its users. The company also had a mass outage overnight affecting Facebook, Instagram and Whatsapp.

Tesla boost

General Motors (NYSE: GM) reported a big fall in third-quarter sales as the semiconductor shortage hits supply. On the other hand, Tesla (NASDAQ: TSLA) avoided the issues, delivering 241,000 vehicles, 73% higher than 2020 levels.

US stock market movers

Here’s how other popular US stocks started the week on Monday.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is following US markets lower this morning. In early morning trade, the ASX 200 is down 0.6%. For a recap of all the latest news, check out my ASX 200 morning report.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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