Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Twitter and Tencent enter bear territory as tech sell-off accelerates

Twitter and Tencent enter bear territory as tech sell-off accelerates

Internet behemoths Twitter and Tencent plunged into bear market territory yesterday as nerves about tech stock valuations dragged down the major indexes.

Tencent bounced from that low to close the day more than 16% down over the three months while Twitter remains 20.7% off its previous high over the same period.

The Nasdaq composte index has fallen almost 6% over that time. Yesterday saw the biggest one day falls in the tech sector in three years, against a backdrop of broader market decline.

‘Technology stocks were hit the hardest as investors decided to take profits and dump stocks,’noted lee Mumford of trading platform Spreadex.

‘It seems we could be entering into a bull market with investors believing stocks are valuated way too high. The CBOE Volatility Index rallied over 20 percent yesterday on speculation volatility will remain.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: from managing Brunei’s billions to Dorking’s pension pots

Profile: from managing Brunei’s billions to Dorking’s pension pots

Mole Valley Asset Management's boss on why he chucked in multi-billion mandates for Surrey wealth management

Wealth Manager on Twitter