Will tech companies continue to fall?
Some investors fear that last week´s crash could have been the start of the downturn.

Wall Street tumbled on Thursday on weak economic data, with tech stocks - the main drivers of the month-long rally - plummeting, but this may not be a full "correction" if the top tech kings were around in a single day Lost $ 44 billion in wealth. The techno-heavy Nasdaq closed at 12,053 points on Wednesday, suffered major losses the following day and closed at 11,465 points. On Friday morning, the Nasdaq was still losing points and another 300 were shaken off. At the time of this writing, the Dow was down almost 200 points on top of Thursday's losses and the S&P 500 was down another 50 points on Friday morning EST. The biggest technical losers on Thursday were Apple (minus 8%), Microsoft (minus 6.2%), Amazon (minus 4.6%), Nvidia (minus 9.3%), AMD (minus 8.5%) and Tesla (minus 9%). Even Bitcoin is steadily losing value, although one is never sure whether it will follow the market or move in the opposite direction as a safe haven together with gold. But in this case even the gold preferred by safe haven darlings is in the red on Friday and is currently at $ 1,924 an ounce. Gold saw its third session loss on Thursday and prepared for a 2% weekly loss on Friday. The driving force behind the losses? Supposedly, it's the economic data that will keep the markets under its spell for a few days. With no more federal bailout laws in sight, an additional 881,000 Americans filed for unemployment benefits for the first time in the last week of August. While that number is the lowest weekly total since the pandemic began, it is still four times what it was before the pandemic. The $ 600 per week unemployment benefit grant expired in July, and meanwhile many small businesses have squandered the money they received through the state Paycheck Protection Program (PPP), with many being forced to start new ones To announce layoffs. The Commerce Department reported that the US trade deficit rose to $ 63.6 billion in July, the largest monthly deficit since July 2008, amid a severe recession. The rise in the deficit was driven by a record increase in imports of 10.9% to $ 231.7 billion. Also this week, the Congressional Budget Office (CBO) announced that federal debt is expected to exceed GDP for the first time since the 1940s by the end of 2021. In earlier projections by the CBO from January, this time frame was set at 2030. But even with all of the terrible economic data released on Thursday, the weekly employment report released that morning even exceeded expectations, suggesting that this was not the catalyst for the massive losses in the tech sector. Even Friday's monthly report was better than expected, though it was still largely bad news.





