Monday, September 07, 2020 9:50:04 PM
The trigger for a seismic stock-market slump Thursday and Friday that has erased weeks of gains for a frothy U.S. stock market, may have been embattled investment firm SoftBank
https://www.marketwatch.com/story/this-nasdaq-whale-may-have-triggered-the-stock-markets-brutal-rout-claims-report-11599234572?mod=home-page
On Thursday, the Dow Jones Industrial Average DJIA, -0.56% ended with a loss of 807.77 points, or 2.8%, at 28,292.73, after dropping more than 1,000 points at its session low. The S&P 500 index SPX, -0.81% closed 125.78 points lower, down 3.5%, at 3,455.06. The Nasdaq Composite COMP, -1.26% tumbled 598.34 points, or 5%, to end at 11,458.10. The declines marked the biggest one-day drops for all three indexes since June.
On Friday, The Nasdaq Composite COMP,tumbled 582 points, or 5%, before climping back to end at 11,313.
he Wall Street Journal wrote on Friday that SoftBank bought options tied to billions of dollars worth of individual tech stocks, which may have included bullish bets on Tesla TSLA, +2.78% and Apple AAPL, +0.06%.
The Journal wrote that regulatory filings show the investor bought nearly $4 billion of shares in technology companies in the spring. They said that not included in those disclosures were the massive options trades, which were reportedly bought to pay off if the stock market rises to a certain level and then lock in gains, the paper said citing people familiar.
https://www.marketwatch.com/story/this-nasdaq-whale-may-have-triggered-the-stock-markets-brutal-rout-claims-report-11599234572?mod=home-page
On Thursday, the Dow Jones Industrial Average DJIA, -0.56% ended with a loss of 807.77 points, or 2.8%, at 28,292.73, after dropping more than 1,000 points at its session low. The S&P 500 index SPX, -0.81% closed 125.78 points lower, down 3.5%, at 3,455.06. The Nasdaq Composite COMP, -1.26% tumbled 598.34 points, or 5%, to end at 11,458.10. The declines marked the biggest one-day drops for all three indexes since June.
On Friday, The Nasdaq Composite COMP,tumbled 582 points, or 5%, before climping back to end at 11,313.
he Wall Street Journal wrote on Friday that SoftBank bought options tied to billions of dollars worth of individual tech stocks, which may have included bullish bets on Tesla TSLA, +2.78% and Apple AAPL, +0.06%.
The Journal wrote that regulatory filings show the investor bought nearly $4 billion of shares in technology companies in the spring. They said that not included in those disclosures were the massive options trades, which were reportedly bought to pay off if the stock market rises to a certain level and then lock in gains, the paper said citing people familiar.
My post is for Your Eyes only and my entertainment
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
