Tech Sell-Off Ends Four-Day Winning Streak & Dollar Weakens – Daily Financial News Summary For Thursday, July 23, 2020
A tech sell-off on Thursday afternoon sent the markets spinning and ended a four-day winning streak. The Dow Jones was down 1.3%, the S&P 500 down 1.2%, and the Nasdaq was today’s biggest loser down 2.2%. Meanwhile, the Russell 2000 inched just a touch higher rising by 0.0042%. The Stoxx Europe 600 Index closed up 0.1%.
In currencies, the euro gained 0.2% to exchange at $1.1593, reaching the strongest in more than 21 months on its fifth consecutive advance. The Japanese yen added 0.3% to reach 106.84 per dollar. The Bloomberg Dollar Spot Index lost 0.1%.
The tech sector struggled with Microsoft shares sliding 4.3% after reporting better earnings. The big item that sunk the stock today was that LinkedIn, their subsidiary company, was knocked down due to a weakened job market.
After a rally yesterday, Tesla ended up giving up most of its gains by falling around 5%. Netflix dipped 2.5%, Amazon fell 3.6%, and Apple closed 4.5% lower on the day.
As we reported yesterday evening ahead of the numbers released today, jobs impacted the markets as well. U.S. weekly jobless claims came in at 1.416 million for last week, marking the 18th straight week in which initial claims totaled more than 1 million. A stimulus package is expected next week, however, the $600 stimulus benefit for unemployment likely will be shrinking to just $100 or $200 based on various sources.
Green Properties: The New Norm In Real Estate & No Longer A Luxury
Going green is the new norm in the real estate sector as the race to cut long term carbon footprint heats up. Green properties are increasingly cropping up around the world has become as developers look to leverage their synergies in addition to conserving the environment.
In the race for a more sustainable world, the way buildings are constructed has drastically changed. Green building practices have become the standard in most countries wary of the impact of climate change and global warming. Developers are not only shifting towards green properties given their competitive advantage but also as a way of cutting down on the high-carbon asset class.
