Tech stocks falter amid COVID-19 pandemic uncertainty [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Tech stocks falter amid COVID-19 pandemic uncertainty Big Tech, the stock market’s most reliable engine during the COVID-19 pandemic, faltered on Friday after a flurry of quarterly financial results from the likes of Apple Inc., Facebook Inc., Amazon.com Inc. and Twitter Inc. raised concerns about lofty share prices and pandemic-fuelled uncertainty ahead. The tech-heavy Nasdaq Composite Index fell 2.5 per cent. The broader S&P 500 slipped 1.2 per cent, with technology stocks driving some of the biggest losses at a time when investors are also fretting over the coming U.S. election and the global spike of COVID-19 infections. “There is a big selloff in those big tech names because they didn’t live up to the hype and people are really worried about next week’s election,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. Big Tech firms are hardly struggling financially. Amazon, Apple, Alphabet Inc. (Google’s parent company) and Facebook collectively gen
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