Sale of technology shares pulled the US shares down


The sale of technology stocks prevented US stock markets from having an increasing trend. Apple and Nvidia stocks fell hard.

The pound fell in England, when the Conservative Party lost a majority in parliament. The results of the election in Britain drove the country to political uncertainty period before the start of Brexit negotiations. The withdrawal in currencies supported UK shares to have a upward trend and the FTSE 100 Index climbed by around 1 percent.

Investors’ attention outside of the UK turned to the sharp decline in tech stocks. The downward movement in technology stocks began after Goldman Sachs global investment manager Robert Boroujerdi warned that low volatility in Facebook, Amazon, Apple, Microsoft and Alphabet could cause investors to ignore risks such as cyclicity and regulation. The S & P 500 technology index fell 3 percent.

Attention will be shifted to the next week, when the US Federal Reserve is expected to raise interest rates. Next week, there will also be meetings of UK, Japan and Swiss central banks.

The S & P 500 Index fell 0.3% while Dow Jones rose 0.1%. Technology shares weighted Nasdaq Composite Index fell 1.9 percent. FTSE 100 Index climbed 1 percent while the Stoxx Europe 600 Index rose 0.3 percent.

The pound weakened 1.9% against the dollar and fell to 1.2715. The Yen retreated by 0.3 percent to 110.32 and the euro fell by 0.2 percent to 1.1194. Bloomberg Dollar Spot Index rose 0.3%.

West Texas Oil (WTI) rose 0.4 percent after a two-day loss and rose to $ 45.84 per barrel. Oil declined throughout the week as US inventories unexpectedly rose, raising suspicions that OPEC could find equilibrium in the global Petroleum markets.

Gold fell by 0.6 percent to 1,271.30 dollars per ounce and lost over three days.

In Japan, the Nikkei 225 Index was 0.5 percent weaker while SoftBank Group rose 7.4 percent after reaching agreement to buy Boston Dynamics from Alphabet and reached its highest level in 17 years.

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Sale of technology shares pulled the US shares down

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