Yesterday’s Nasdaq market correction in tech has created buying opportunities.
The billionaire founders of Facebook Inc., Amazon.com Inc., Netflix Inc. and Google owner Alphabet Inc. saw $7.6 billion wiped from their fortunes Wednesday. The Nasdaq 100 suffered its worst drop in three months.
Alphabet’s Sergey Brin and Larry Page fell almost $1 billion each. Meanwhile, Netflix’s Reed Hastings shed $133 million.
None of these large market corrections were based on any particular news from the companies in question. They do have one thing in common, however: market-crushing stock charts in 2017.
Although many #Nasdaq stocks stumbled, many investors rotated into other industry groups. Financial services companies actually gained on the day.
Even though the Nasdaq decline was fairly severe, in overseas trading tech stocks have already begun to recover. Some investors see the correction as a buying opportunity.