Wayfair surges on double (JP Morgan) upgrade – 'tides have turned positive'
BARRON’S reports: Wayfair W +24.42% shares soared Monday after landing a double upgrade from a J.P. Morgan JPM +0.50% analyst arguing that “tides ...
SEEKING ALPHA reports:
– In a case of “sell your darlings,” the best-loved momentum, tech and megacaps pulled the broader market down to its biggest losses since June.
– The S&P closed down 3.5%, the Dow fell 2.8% and the Nasdaq lost 5%.
– Late buying kept the Nasdaq from having its worst day since the historic selloff of March 16, but it did have its worst one-day performance since June.
– The Fab 5 megacaps lost more than $500B in market cap on the day. Apple set a record with a drop of $180B in value.
– Apple had its worst day since March 16, off about 8%, dragging down Technology (NYSEARCA:XLK), down 5.7%. Chips took it on the chin as well.
– All 11 sectors closed lower.
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You may also want to read this: “Apple lost $180bn in market value today. it’s the biggest loss for any company ever.”
This: “Futures turn positive after ugly selloff… what’s next for the market?”
The latest economic data out Friday is here: “U.S. creates 1.4 million jobs in August, unemployment falls to 8.4%”
Reaction: “Dow attempts tepid snap back after jobs report, but Nasdaq extends rout“.
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