Friday, 16 June 2017

Markets fall, risk of more losses for tech and energy stocks

Markets fell on Thursday.

The S&P 500 fell 0.2 percent, the STOXX Europe 600 fell 0.4 percent and the Nikkei 225 fell 0.3 percent.

“Our view is that it’s a bit of a correction and we are certainly not surprised by the uptick in volatility,” said Eric Wiegand, senior portfolio manager at the Private Client Reserve, US Bank.

“Given how long they’ve been rising, and by how much, I think there’s still a lot of room to go on the downside,” said Aaron Clark, portfolio manager at GW&K Investment Management.

The Nasdaq Composite fell another 0.5 percent on Wednesday and Nigam Arora suggests that the smart money is not buying tech stocks at the moment.

Oil also fell on Thursday. West Texas Intermediate crude declined 0.6 percent and Brent slipped 0.2 percent.

Jeff Reeves thinks that “things don't look to be getting better soon” for oil and, with the stock market's recent troubles, traders could go risk-off, and that “spells trouble for energy stocks”.

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