The Three Things You Need To Know To Start Your Day
AvaTrade | Jun 14, 2017 07:21AM ET
Tech Sell-Off
Technology stocks including Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), Samsung (KS:005930) and Microsoft (NASDAQ:MSFT) sharply declined on Friday. The sell-off took 0.1% off the S&P 500. Meanwhile, the Nasdaq 100 shed 1.8% of its value. The bearish tones came after Robert Boroujerdi, global chief investment officer at Goldman Sachs Group Inc (NYSE:GS)., cautioned that low volatility in tech stocks may be hiding the perils of regulation and cyclicality.
The Pound Rebounds
The pound clawed onto gains after last week’s general election results left the British with a hung parliament. With no overall majority, Theresa May scrambled to form a government and settled for a coalition with the Democratic Union Party.
The future for Brexit is now more muddled with Theresa May heading into negotiations with a fractured government.
Oil is firmer
Oil declined almost 4% last week. The sell-off came after an unexpected increase in US inventories coupled with a large increase in natural gas storages. After the sharp decline, oil is starting to stabilise.
Brent oil, the international benchmark has increased 0.22% this morning, at $48.49. Crude oil is 0.39% stronger, at $46 per barrel.
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