Big tech stocks experienced a massive selloff, with nearly $500 billion wiped from market capitalization as a post-election rally lost momentum amid fears of hawkish monetary policies. The Nasdaq Composite led the decline, dropping 2.2% on Friday, while the Dow Jones, S&P 500, and Russell 2000 also saw losses, marking a down week for all major indexes. Despite the pullback, equities remain positive since Election Day, driven initially by optimism over Donald Trump’s re-election and potential for corporate tax cuts and deregulation. The Nasdaq 100 suffered its first five-day losing streak since January, with Amazon, Nvidia, Meta, and other tech giants hit hardest. Healthcare stocks also struggled after Trump named vaccine skeptic Robert F. Kennedy Jr. as HHS secretary, further unsettling markets. Continue here.
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