July 6, 2020, 4:34

Global Financial Markets Dive Following US Tech Stocks Crash

Global Financial Markets Dive Following US Tech Stocks Crash

The continued fall of FAANG stocks – Facebook, Apple, Amazon, Netflix and Google – on Monday left the blue-chip basket of equities down almost $730 billion after a six-week sustained decline, stoking investor fears of the US technology sector entering a bear market.

Major stock markets across the globe declined on Tuesday morning in response to Monday’s sell off and falling investor confidence in the US.

China’s SSE Composite Index dropped just over two-percent, while the Tokyo Stock Exchange’s Nikkei 225 index fell by 1.1 percent.

READ MORE: Facebook, Apple Drag Down US Stocks

Meanwhile, European indices suffered similar falls, with the Euro Stoxx 50 – a Eurozone-wide index – falling by one-percent, and Germany’s DAX 30 taking a 1.2 percent hit.

Analysts have attributed the sell off and continued tumultuous market conditions to the international trade standoff between Washington and Asia, in addition to a number of adverse stock-specific developments and fundamentals.

The ongoing fall began in the US, with tech stocks, particularly the FAANG equity basket, entering a sustained decline. Facebook’s share price is close to 40 percent down from July, while Apple’s stock price and market capitalization has declined by 20.3 percent since October 3.

In a forecast report, currency analyst Fawad Razaqzada described the economic outlook as “bleak” and warned that further falls to global equity markets are likely.

READ MORE: Chances of US Recession Increase Amid Mounting Risks — Reports

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