Big tech names such as Apple, Microsoft, Amazon, Tesla, and Nvidia were deep in the red ahead of Monday’s market open.
Shares of Tesla fell 2.7% in premarket trading, while Apple was nearing a 3% loss, and Nvidia was off 4.5%.
Other tech giants also dropped on Monday with Microsoft falling 2.7%, while Amazon dropped 3.7% and Google parent Alphabet by 3.4%.
The S&P 500 is poised to enter a bear market on Monday amid fears of a looming recession and more aggressive Federal Reserve action, triggered by a report on rising inflation.
Ahead of Monday’s open, S&P 500 futures dropped 2.4% to 3,804 according to SPX to Dow Jones Market Data. The S&P 500 has to dip below 3,827 points to enter a bear market —defined as a 20% fall from recent highs.
MacDailyNews Take: Patience.
Be fearful when others are greedy and greedy when others are fearful. – Warren Buffett
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