NASDAQ Hits Tech

What is going to happen in the tech world now that losses are so dramatic? Are we hitting a feared plataue or is it politics? There are many options such as shared by Market Watch,

The Nasdaq Composite Index late-morning Monday was on track for its worst one-day decline in about 11 weeks, as technology shares led losses following word that President Donald Trump was planning to bar Chinese firms from investing in U.S. technology and block additional technology exports to Beijing. The Nasdaq COMP+0.74% was down 1.9%, with a one-session drop of that magnitude representing its ugliest fall since a 2.3% drop on April 6, according to FactSet data. The fall for the index, viewed as a proxy for the technology sector, comes amid growing fears about trade clashes between Beijing and Washington intensifying into a full-blown trade war that hurts global economies. The Dow Jones Industrial AverageDJIA+0.46% meanwhile, was down about 300 points, or 1.2%, at 24,286, while the S&P 500 indexSPX+0.51% was trading 1.2% lower at 2,722, with its tech sector off nearly 2%. The exchange-traded Technology Select Sector SPDR ETF XLK+0.92% a popular way to invest in the tech sector, was down 1.6%, while an ETF focused on microchip makers, the iShares PHLX Semiconductor ETF SOXX+0.77% was down 3.1%. Treasury Secretary Steven Mnuchin said Monday that a forthcoming Trump administration announcement won’t be specific to China. In a tweet, Mnuchin called stories by The Wall Street Journal and Bloomberg “false, fake news.”

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