As Stock Markets Tank Near Double-Digits, Tech Stocks Tank With Them

[btarunr]

Stock markets around the world are experiencing a spectacular crash riding on COVID-19 investor fears, wiping out trillions of Dollars in investor wealth worldwide. Prominent indices around the world report some of the highest intra-day falls since the 2008 financial crisis. Tech stocks are hardly immune, with AMD reporting a 14.64% fall in share price settling down at 39.01 (it was over 48 right after the company's 2020 Financial Analyst Day just last week). NVIDIA is another big loser at the markets, with a 12.24% fall and 216.31 share price. Intel is right behind, with a 11.85% fall down to 45.54, and Micron Technology down 11.23% at 38.81.



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[DeathtoGnomes]

I think it will all tank even further. I'm betting as low as 15k for DJI

 

[hat]

Bitcoin has seen a downturn too. Of course, BTC is very volatile anyway so there's no way to say it went down because of the corona...

 

[TechLurker]

I still regret not buying into AMD much earlier, when it was only sub-2 USD per share. And there hasn't been as many other miracle stocks as of late.

 

[Space Lynx]

I still regret not buying into AMD much earlier, when it was only sub-2 USD per share. And there hasn't been as many other miracle stocks as of late.

We all do. I almost bought at 1 a share, and I would have had I more of a cushion on my savings account. I couldn't risk what little savings I did have though in-case I was wrong. I think that is the story of most people in life, it's why the rich get richer and poor stay where they are, or middle class, but technically middle class is poor these days.

I think it will all tank even further. I'm betting as low as 15k for DJI

I was thinking around 15-17k myself will be the bottoming out, the ripple effects of closing down these major venues, people losing wages, not buying, it's happening in mass... that caused the initial crash, but the ripple effects will take a month or two to knock it down to 15-17k I think.

 

[R0H1T]

I think it will all tank even further. I'm betting as low as 15k for DJI

I'm betting lower, there are signs this is worse than 2008+2000 combined especially if we don't slow the contagion down &/or find a cure!

 

[Space Lynx]

I'm betting lower, there are signs this is worse than 2008+2000 combined especially if we don't slow the contagion down &/or find a cure!

It's going to be a matter of controlling hysteria more than anything that will determine the bottom out number. Obama was a great speaker of rhetoric, probably the best since the days of ancient philosophers. He probably would have been able to calm down people. Trump was a robot reading from a script, Obama never did that in situations like this, and that ability to draw upon deep rhetoric is the hallmark of a great leader.

The virus itself is only killing 1-3% of people it comes in to contact with, def not 1918 spanish flu levels when comparing ratios per capita. So the ultimate enemy here is hysteria, and explaining the common people why it needs to be slowed down, which Trump did last night, but he read it from a script and you could see his eyes reading. It's not exactly motivational so to speak. These things matter in the long term, and we are seeing that being played out now.

 

[R0H1T]

It's going to be a matter of controlling hysteria more than anything that will determine the bottom out number.

It is though you aren't you underestimating the economic impact of shutting down communities, neighborhoods, suburbs, cities, states, entire nations? As I say that the nation's capital has declared emergency over this, a metropolitan dwarfed only by the much larger (area of) Tokyo with up to 30 million people. The numbers will likely reach triple digits in India before the end of the week, if it spreads anywhere close to the way it did in China you can expect twice as many infections because of the population density & a lack of authoritarian regime to take hard decisions.

I know I'm sounding alarmist even though I shouldn't, but it'll get much much worse before we even have a sliver of recovery let alone economic recovery.

The virus itself is only killing 1-3% of people it comes in to contact with, def not 1918 spanish flu levels when comparing ratios per capita.

That's true however the worst case scenarios has much worse "absolute" numbers.

These things matter in the long term, and we are seeing that being played out now.

Definitely in that sense we've yet to reach the crescendo, though I will add that as people face this & overcome it we'll get better at handling it. As is the case with any emergency or calamity, it's the first time that's arguably the worst. Most humans adapt but even more need the real experience of such life changing events to understand how to tackle these issues, to be better prepared in the future & hopefully prevent its repeat.

 

[R-T-B]

Bitcoin has seen a downturn too. Of course, BTC is very volatile anyway so there's no way to say it went down because of the corona...

If anything, bitcoin rides on fear of conventional money, so it should have went up.

 

[R0H1T]

Nothing's gonna go up at this point in time, BTC isn't immune to global pandemic shocks. Sure if you have a $billion or two to spare them you might dip your toes, but when people are afraid of their jobs & income over the next few months BTC isn't what they're looking for! This also includes having to save $ in case of a medical emergency, again that's a general observation atm & things will undoubtedly cooldown over a period of time provided we don't mess this up even further.

 

[DeathtoGnomes]

If anything, bitcoin rides on fear of conventional money, so it should have went up.

last time I checked it dropped almost 50%.

 

[R-T-B]

last time I checked it dropped almost 50%.

I know, and that's why I'm saying it's a dead duckling, at least as far as "replacing money" goes. I'm sure someone will always give you a pizza or something for some amount, but it's not what it was hoped to be by any means.

 

[Space Lynx]

If anything, bitcoin rides on fear of conventional money, so it should have went up.

yep this surprised me too. crypto is def proving to be a failure imo. personally im keeping my money in the bank still. and a little in cash. just like my dad, and his dad before him etc etc the rantings of madmen will not influence anything long term, the US Dollar is stable and strong and always will be. it's not like life just ends when a government collapses. Rome is long gone, yet people still lived in Rome during middle ages, and live there now. /shrug

 

[R-T-B]

yep this surprised me too. crypto is def proving to be a failure imo. personally im keeping my money in the bank still. and a little in cash. just like my dad, and his dad before him etc etc the rantings of madmen will not influence anything long term, the US Dollar is stable and strong and always will be. it's not like life just ends when a government collapses. Rome is long gone, yet people still lived in Rome during middle ages, and live there now. /shrug

You know me, I dabbled with the ideas and concepts. It's not like the principles were evil afterall, just the outcome. Sadly same conclusion in the end.

 

[Steevo]

Crypto requires electricity from end to end, which requires cash or cash equal in currency from end to end to keep electricity on. So it's a failed start, but at least the few make money while the rest are asking where the promised Land was they were sold.

 

[8BitZ80]

The US Dollar is stable and strong and always will be.

That's kind of to be expected when the USD is the top dog of currency and determines the value of everything else in the world.