American stock indices are growing steadily after the market fell the day before. On the eve of the indicators fell sharply, while the Nasdaq Composite lost more than 4% amid continued sell-off in technology stocks. The Nasdaq plunged more than 10% in three days from an all-time high as it entered a correction. The losses in the S&P 500 index in three days were the most significant since June.
Many Wall Street experts believe that the sell-off in tech stocks stems from concerns that a significant rally has previously pushed the stock price to volatile levels. Meanwhile, on Wednesday, securities of major representatives of the tech sector are confidently recovering.
“Some are suggesting that this is the start of another significant sell-off, such as the one that occurred in the spring of 2000 when the tech bubble burst. I highly doubt that,” says Christina Hooper, chief strategist for global markets at Invesco, who is quoted as saying CNBC.
The Dow Jones Industrial Average by 17:04 Moscow time rose by 410.75 points (1.49%) – up to 27911.64 points.
Standard & Poor's 500 gained 56.44 points (1.69%) and amounted to 3388.28 points.
The Nasdaq Composite rose by 214 points (1.97%) – up to 11061.69 points.
Tesla Inc. Shares rise in price by 8.1%. On Tuesday, they lost 21.1% in price and switched to the second bearish trend this year. The daily drop in quotations was a record for the company, writes CNBC.
Apple Inc. stock quote (NASDAQ: AAPL) is up 2.5% after falling 6.7% the day before.
Alphabet (NASDAQ: GOOGL) Inc. up 0.5%, Microsoft Corp (NASDAQ: MSFT). – 2.4%, Facebook Inc (NASDAQ: FB). – 0.4%.
Meanwhile, Slack Technologies Inc. fell 14.7%, despite the fact that the US developer of the messaging application in the second quarter of 2021 fiscal year showed a decrease in loss and significant growth in the number of customers, although some users have reduced the use of collaboration tools.
Lyft Inc. is down 2.3%, although the US taxi-ordering service reported an ongoing business recovery following a sharp drop in taxi demand due to the COVID-19 coronavirus pandemic.
United Airlines Holdings Inc. become cheaper by 1.9%. The American airline downgraded its forecasts for both revenue and capacity for the third quarter of 2020, expecting continued weak tourist demand.