Tuesday, 13 June 2017

Markets fall amid tech sell-off but some analysts see buying opportunity

Markets fell on Monday.

In the US, the Nasdaq Composite followed up Friday's plunge with another decline of 0.5 percent. The S&P 500 fell 0.1 percent.

Elsewhere, the STOXX Europe 600 fell 1.0 percent and the Nikkei 225 fell 0.5 percent.

Karyn Cavanaugh, senior market strategist at Voya Financial, said that the tech sell-off is “a little concerning” but still thinks that “any swoon should be a buying opportunity for investors”.

Indeed, several analysts told CNBC that they believe the weakness in tech stocks will be short-lived, and although a summer consolidation is possible, the sell-off is not necessarily an indication that the broader market is about to crack.

In contrast, Howard Gold, founder and editor of GoldenEgg Investing, wrote on MarketWatch that the big run for the tech sector's highest flyers “is coming to an end”.

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