High Beta Stocks Are Getting Smoked
While the Dow is off just 0.2%, and the broader S&P is off 0.5%, the NASDAQ is getting walloped to the tune of 1.2%.
Everything that was hot is down.
The biotech ETF IBB is off over 3%.
Twitter is down 5%. Facebook is down nearly 4%. Netflix is off 6%. Tesla is down 4.9%.
That's just a small sampling of the overall carnage.
Of course there are always stories that people tell when stocks dive. On Friday, when the biotechs were tanking, people were pointing to some complaints from Democrats about high prices for biotechs. Today with Netflix some might point to chatter surrounding Apple's talks with Comcast about a streaming service. But these are just ex-post facto attempts to overlay price moves with a narrative. However it seems that the real, broader narrative is a general hissing sound coming from the hottest stocks in the market.
- 10 most affordable countries to visit in 2024 for Indians
- Markets snap 3-day winning run; Sensex slips over 100 pts on foreign fund outflows
- Gold rate today (May 15, 2024): Latest gold prices in Mumbai, Delhi, Kolkata, Bengaluru, Chennai and other Indian cities
- Sebi eases Know Your Customer (KYC) compliance guidelines
- India's exports marginally up at $34.99 bn in April