BUTCHERY IN TECH SECTOR

On Friday was a brutal heavy selling in tech stocks – mostly biotechs and internet companies. The bad news is that the defensive sectors and indices were diving after the Friday afternoon macro news. In US 192,000 jobs created in March and the unemployment rate remained unchanged at 6.7%.

First the SP500 was lifted to intraday high and hit the 1,899 level.

Finally the Nasdaq made the worst day in two months – 2,59%. That is the second losing week in a row. The investors are more and more concerned about last year stars like Tesla -5.85% and Facebook.

• Dow 16,413 -160 -0.96% 
• Nasdaq 4,128 -110 -2.59% 
• S&P 500 1,865 -24 -1.26% 

In SP500 only the defensive utility sector could close higher. In Europe the indices rose modestly in European session during the day, but later the selling was started and continued this morning further.

The BFM Assets Team.