US markets sink; Farfetch fell 14.4% on negative Q3 results; Snowflake slides 9.23%.
- Nasdaq down 1.26% on Monday to close the session at 15,855 points.
- Farfetch shares fell 14.4% on the back of poor Q3 results.
- Snowflake slides 9.23% as investors move into financials and commodities stocks.
The US markets sank into close on Monday to start the week, with a final-hour tech selloff sending stocks to a second straight loss, as investors moved into financials and commodities stocks, which tend to outperform during inflationary periods.
The Dow Jones rose 0% to finish the trading day up 17 points to close at 35,619 points.
The tech heavy NASDAQ fell 1.26% to finish the trading day down 203 points to close at 15,855 points.
One bitcoin is worth US$56,071 going into the Asian trading day.
The Australian dollar is firm against the major currencies and is buying 72.26 US cents.
Shares in online luxury fashion retail platform Farfetch fell by over 14% with investors responding negatively to the company’s third-quarter results. The catalyst for the lower share price was mixed financial results that highlighted weaker sales and ongoing headwinds.
Snowflake shares also slid more than 9% and joined a raft of other tech stocks to pummel cloud stocks as investors moved towards financials and commodities stocks, which oftentimes outperform during inflationary periods. The data warehousing company became the largest software company to ever IPO in the US but analysts are concerned over its lofty valuation.
And, a radical cryptocurrency experiment nearly bought the US Constitution when a project called ConstitutionDAO tried to use the digital coin technology to buy one of the rare surviving original copies of the lauded document.
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