Today's stock market

Tech falls weigh on Wall Street – Space X breaks negative streak

A broad price decline in the tech sector pressured Wall Street again on Tuesday.

At the close, the Nasdaq stock exchange was down 2.2 percent, while the broad S&P500 traded down 1.4 percent. This brought the indices to their lowest levels in over a week. The Dow Jones went against the grain and closed in small losses.

The chip sector acted lower, with some of this year's winners, Micron and Sandisk, falling around 13 percent each. Intel, AMD and Qualcomm also suffered heavily.

Tech giant Alphabet continued to fall 1 percent after yesterday's fall of 5 percent, linked to concerns about high-profile defections in the company's AI lab.

Morgan Stanley manager Andrew Slimmon pointed out at the same time that the AI ​​decline is "healthy".

- I don't think they (AI companies) are expensive, but many investors own them. When momentum traders flock to the same stocks, you get strong rebounds like the one we're seeing now. I would say that's healthy, he told CNBC.

IBM went against the grain and rose 5 percent after major bank JP Morgan raised its recommendation a notch to overweight.

SpaceX also turned around after a tough start and closed up around 1 percent. The space company thus broke its three-day losing streak.

Expert on Space X's losing streak: "Everyone has already bought"

The space company SpaceX plunged 16 percent on Monday, falling for the third day in a row. The downward spiral continues on Tuesday.

The stock closed at $154.60, the lowest level since trading began just over a week ago. According to Jones Trading's chief strategist Michael O'Rourke, it is the sellers who are now holding the reins, writes Bloomberg.

- Everyone in the world who wanted to buy SpaceX has already bought, he says.

At the same time, Swedish small savers are taking advantage of the downturn to buy, writes DI.

In the past week, the stock has gained at least 9,000 new owners, the major online brokers tell the newspaper.

A few minutes after opening, the stock falls another 4 percent.
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