Big Tech Sell-Off: 500-Point Dow Drop Amidst H-1B Visa Debate
US stocks experienced a significant drop on Friday, with the Dow, S&P 500, and Nasdaq all declining substantially, driven by a selloff in Big Tech stocks, particularly the “Magnificent Seven.” This downturn, occurring during a week of low trading volume, amplified the market’s reaction and followed a year of record highs fueled by AI investment. Analysts attributed the volatility to profit-taking and the market’s overreliance on a few key tech companies, a trend mirroring similar end-of-year market fluctuations in previous years. Despite the decline, some experts advise maintaining equity exposure for inflation protection.
John Q. Hosedrinker