Nasdaq Nosedives into correction as bears sharpen claws on Tech Wreck

Updated: Sep 10, 2020


.The Nasdaq fell into correction territory Tuesday as the sell-off in big tech stocks continued, led by Tesla and Apple.   

The Dow Jones Industrial Average fell 2.25%, or 632 points. The S&P 500 was down 2.76%, while the Nasdaq Composite slumped 4.11% into correction territory, with losses of about 10% in the past three days.

Apple (NASDAQ:AAPL) led the rout in FAANG stocks, dropping 6.7%. The selloff in Apple comes amid growing speculation over whether the company will launch its new iPhones at its event on Sept. 15.  

"While the launch and 5G smartphones hitting the shelves will be in October, we continue to believe the official virtual unveiling of this linchpin product launch will be in late September with an announcement out of Cupertino in the next few weeks," Wedbush said in a note earlier this week.

Apple's legal battle with Fortnite maker Epic Games intensified as the iPhone maker said it had countersued the game's maker, alleging breach of contract.

Tesla (NASDAQ:TSLA) fell 20% after the electric automaker failed to make the cut for inclusion into the S&P 500 index despite recording a fourth consecutive quarterly profit earlier this year.

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