Day of reckoning arrives for market darlings after American tech rout

There was an inevitability about it but a lot of first-time investors would be consoling themselves today after shares went into a US-inspired tail spin.

Sep 04, 2020, updated Sep 04, 2020
The US Dow Jones fell by more than 800 points

The US Dow Jones fell by more than 800 points

The ASX 200 fell 146 points by 11am with the market darling, Afterpay, dropping more than 5 per cent as tech stocks were singled out in the rout.

But there were stocks that took a bigger hammering. Myer Holdings was down more than 7 per cent.

In the US, the Dow Jones index fell by more than 800 points, the biggest fall since the voilatile days of June. Apple shares fell 8 per cent, Microsoft 6 per cent and Amazon 4.6 per cent.

The US tech market reached a record high earlier this week, but Apple has now lost $365 billion in market value in two days of trading.

It follows a surge in new investors into the market. Nabtrade said applications to open a nabtrade account increased 500 per cent in March and 300 per cent in April, and Google searches for “how to buy shares” skyrocketed.

The Australian dollar was dropping as well.

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