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Big tech names such as
Tesla
,
Apple
and
Nvidia
,
were deep in the red ahead of Monday’s market open.
Shares of Tesla (ticker: TSLA) fell 2.7% in premarket trading, while Apple (AAPL) was nearing a 3% loss, and Nvidia (NVDA) was off 4.5%. Tesla stock had risen in extended trading Friday after the company said in a proxy statement that it proposed to split its stock 3-for-1.
Other tech giants also dropped on Monday with
Microsoft
(MSFT) falling 2.7%, while
Amazon
dropped 3.7% and Google parent
Alphabet
(GOOGL) by 3.4%.
The
S&P 500
is poised to enter a bear market on Monday amid fears of a looming recession and more aggressive Federal Reserve action, triggered by a report on rising inflation.
Ahead of Monday’s open, S&P 500 futures dropped 2.4% to 3,804 according to SPX to Dow Jones Market Data. The S&P 500 has to dip below 3,827 points to enter a bear market —defined as a 20% fall from recent highs.
The S&P 500 Index closed 207.68 points or 5.05% last week to 3900.86, marking the largest two-week percentage decline since the week ending March 27, 2020.
Write to Lina Saigol at [email protected]
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