Saturday, 6 February 2016

US tech stocks plunge, European financial stocks at "frightening" levels

US stocks fell on Friday, led by a rout in technology stocks.

The S&P 500 fell 1.8 percent while the Nasdaq Composite Index plunged 3.2 percent.

Elsewhere, the STOXX Europe 600 fell 0.9 percent, the Nikkei 225 fell 1.3 percent and the Shanghai Composite Index fell 0.6 percent.

While US tech stocks saw the worst declines on Friday, Jeffrey Gundlach is concerned about European financial stocks.

“We see the price of major financial stocks, particularly in Europe, which are truly frightening,” Gundlach said at a conference on Friday. He noted that both Credit Suisse and Deutsche Bank are priced lower than during the depths of the financial crisis in 2009.

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