TECH STOCKS PLUNGE: Here's what you need to know

Tech stocks had a bad day. The FANG stocks – Facebook,Apple,Netflix, and Google– saw their biggest intraday drop in 22 months.

Meanwhile, bitcoin had a wild day of trading, surging past $US11,000 a day after it rose above $US10,000, before falling by more than 20%.

Here’s the scoreboard:

  • Dow: 23,940.68, +103.97, (0.44%)
  • S&P 500: 2,626.07, -0.97, (-0.04%)
  • Nasdaq: 6,824.39, -87.97, (-1.27%)
  1. The second estimate of third-quarter gross domestic product showed the US economy grew at a 3.3% annualized rate. This was the strongest growth since Q3 2014.
  2. Chipotle founder and CEO Steve Ells said on Wednesday he would step down and the chain would look for a new boss. This is the second time in less than a year that Chipotle has announced a CEO change.
  3. Nasdaq is preparing to launch bitcoin futures contracts. Two Chicago-based exchanges, CME and CBOE, have also announced bitcoin futures products, which would allow investors to bet on the future price of bitcoin.
  4. Amazon said Cyber Monday was its single-biggest shopping day ever. Though the company enjoyed a 17% increase in Thanksgiving holiday sales from the previous year, its stock was under pressure on Wednesday as investors rotated out of the broader tech space.


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