In Europe and the US the mood on the stock exchanges is negative today. Especially the Tesla share is hit hard. Around 6 p.m. it stands at a loss of about 15 percent. The price of oil also drops sharply, with almost 6 percent to less than 40 dollars a barrel.
Furthermore, tech companies are losing quite a lot, after they had already lost a lot at the end of last week. Yesterday the American stock exchanges were closed because of a holiday. The trading day is still going on in the US, but Google parent company Alphabet has now dropped more than 10 percent in three days, Apple more than 11 percent and Facebook almost 10 percent.
“Japanese Softbank speculated
Tech shares had risen sharply in the course of this year, following an initial decline at the start of the corona crisis. The reason for this sharp rise was said to be that the Japanese investment company Softbank was speculating for billions on a higher price for tech shares. Since business newspaper Financial Times reported last week, investors have been sceptical about the high valuation of the tech sector.
Tesla is doing so badly because investors expected the stock to be added to the prestigious S&P 500 stock market index today. But that did not happen. Instead, three much smaller companies were added. The company that decides on that stock market index, S&P Dow Jones Indices, didn’t want to say why Tesla wasn’t included.
The Amsterdam AEX-index kept the losses limited today and closed more than 1 percent lower at 540.79.