Big-Tech Selloff Continues09/14/2020


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September 7 - 11, 2020 Recap

Worst Two Weeks Since March
U.S. stocks ended a volatile week deeply in the red with all three major domestic equity indices capping their steepest back-to-back weekly losses since March. The renewed selling in mega cap technology companies has pushed the Nasdaq Composite down 10% from its September 2 record high, signaling a correction after August gains capped a 71% five-month tech rally from its March 23 trough. For the broader market, the S&P 500 had its worst one-week drop since June 26.

Weekly Performance
For the week, the S&P 500 fell 2.49%, the tech-heavy Nasdaq Composite slumped 4.06%, and the Dow Jones Industrial Average gave another 467 points (-1.66%). In back-to-back weekly losses, the S&P 500 has given back 4.7%, the Nasdaq Composite lost 7.2% and the Dow Industrials shed 988 points (-3.5%).

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The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.

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