Dow Slips on Big Tech Wobble; Financials Cut Gains
Investing.com
Published Sep 18, 2020 12:08PM ET
Updated Sep 18, 2020 03:42PM ET
By Yasin Ebrahim
Investing.com – The Dow fell Friday as investors had to contend with another selloff in big tech, while financials also cut gains ahead of what is expected to be a volatile bout of trading into the close.
The Dow Jones Industrial Average fell 0.64%, or 179 points. The S&P 500 slipped 0.98%, while the Nasdaq Composite fell 1.03%.
Big tech dominated market direction as the sell-off continued to dent some of the biggest names in the sector, led by Google.
Microsoft (NASDAQ:MSFT), Amazon.com (NASDAQ:AMZN), Facebook (NASDAQ:FB), Apple and Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL) trading below the flatline.
Financials gave up most their gains but the downside was limited by MetLife (NYSE:MET) and BlackRock Inc (NYSE:BLK).
In other news, Tesla (NASDAQ:TSLA) was up 5% after cutting gains despite Piper Sandler (NYSE:PIPR) lifting its price target on the stock to $515 per share from $480 per share, citing expectations for sharply higher demand for the electric automaker's energy products.
Elsewhere, investors continued to await an update from the Trump administration on whether it will approve Oracle Corporation (NYSE:ORCL)'s deal with TikTok.
Friday’s moves come as four major types of futures and options contracts are set to expire, known as "quadruple witching," triggering a sharp bout of volatility as small and large investors alike unwind these positions ahead of the expirations.
Despite the sluggish trade, the broader market remains tentatively on track to snap a two-week losing streak.
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