Dax slips again after sell-off in US tech stocks

Dusseldorf Another sell-off in US technology stocks is slowing down the upward movement in the leading German index. The Dax fell 1.7 percent on Thursday afternoon to 13,591 points, a drop of 280 points. The daily low is 13,479 points. At this point, all the gains from the previous day were gone.

On Wednesday, the stock market barometer rose by 2.2 percent and closed at 13,828 points – an increase of 550 points since the low last Monday.

The situation for US technology stocks is dramatic. On Wednesday, the Nasdaq ended trading down 3.2 percent. Since April 1 of this year, this index has lost more than 20 percent in value, while the Dax has lost six percent and thus achieved a smaller minus than the Dow Jones index.

According to calculations by Thomas Altmann from the investment house QC Partners, the Nasdaq 100 selection index has lost almost as much since November last year as it did during the Covid 19 sell-off in 2020.