The Nasdaq is again on the precipice of correction territory. Have investors lost faith in Big Tech?

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-9.4%. The Nasdaq is roughly a half-percent away from returning to correction territory. Since its Sept. 2 record close,

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Happy Friday, everyone. We look to close off a volatile week on an up note as the U.S. futures point to decent gains. But it’s a mixed picture everywhere else. Brexit uncertainty is holding back European stocks and global stocks are on track for their second consecutive week of losses.

Let’s check in on the action.

Markets update

Asia

The major indexes are mostly in the green with Japan’s Nikkei leading the way, up 0.75%.
The fate of TikTok’s U.S. operations is very much uncertain, but one thing is clear: President Trump will not budge on his Sept. 15 deadline to shut it down if an acquisition fails to materialize.

Rio Tinto has announced CEO Jean-Sébastien Jacques and top unit heads are out of a job as the controversy around the mining giant’s destruction of ancient Aboriginal heritage sites in Australia intensifies.

Europe

The European bourses were down at the start with the Stoxx Europe 600 off 0.2%, before ticking upwards.
A summer-holiday surge in COVID cases means Europe has once again overtaken the U.S. as a major coronavirus hotspot. The 27-country bloc reported more than 27,000 new cases yesterday. These region-by-region comparisons are hardly perfect measures; Europe’s population is 450 million versus 330 million in the U.S. Still, it’s not a good trend.
If you were suffering from Brexit fatigue, don’t change that dial. The odds of a chaotic divorce are on the rise as the EU is now giving Britain to the end of the month to back down from its threat to rewrite the terms of the deal. Britain is even getting heat from House Speaker Nancy Pelosi not to do anything drastic, like put the Good Friday according in jeopardy. Threatening to walk away with no deal may be a negotiating tactic, but it comes with huge risks. Nearly two-thirds of Britain’s exports flow to the EU and U.S., according to economists at Berenberg Bank.

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U.S.

The U.S. futures are in the green this morning, looking to recover some of yesterday’s losses. Disappointing jobless numbers and the Senate’s failure to even vote on a slimmed-down stimulus relief package didn’t help stocks yesterday. The Nasdaq fell nearly 2%.
Yesterday’s sell-off came despite an incredibly bullish GDP call from Goldman Sachs which now predicts the U.S. economy will grow as much as 35% this quarter, well above economists’ estimates.
The coronavirus pandemic is ravaging New York City’s economy. It’s also taking its toll on the city’s quality of life, the region’s biggest employers complain. The top execs at 160 companies, including Citigroup, Mastercard, and Nasdaq, sent a signed letter to New York Mayor Bill de Blasio urging him to restore basic services that were cut when the outbreak hit the city.

Elsewhere

Gold is down, trading below $1,950/ounce.
The dollar is down.

Crude is flat with Brent trading near $40/barrel.

By the Numbers

35%. The consumer is the engine of the …read more

Source:: Fortune

      

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