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"Tech-Wrecked": Global Stocks, US Futures Plunge As Panic Selling Returns

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  • "Tech-Wrecked": Global Stocks, US Futures Plunge As Panic Selling Returns

    By John Rolls (Reporter)

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    “The good news is: It’s Friday. The bad news is: everything else.”

    For traders, Bloomberg’s summary of today’s early morning action couldn’t be more spot on. On the last day of a turbulent week, global market turmoil is back with a vengeance and traders in the US are greeted by another sea of red as stocks in Europe renewed their plunge along with Asian shares and U.S. futures as the tech-wreck returns after poor earnings from tech giants Amazon and Google slammed sentiment one day after a torrid dead cat bounce.

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    Disappointing Amazon and Alphabet results reignited investors’ anxieties about the overwhelming dominance of tech stocks – priced for seemingly unstoppable growth – in this market cycle, as well as peak earnings with e-commerce revenue growth now clearly rolling over. “There’s a huge amount of hot money in the FANG stocks,” said Christopher Peel, chief investment officer at Tavistock Wealth, and now it’s clearly going out.

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