Global markets were swept up in the meltdown from the US tech sector last week. The NASDAQ index entered a technical correction, plunging in excess of 10 per cent from the record highs it had recorded the week prior.
In what was an otherwise low-impact week for financial market news, all interest was in how far the correction in richly-valued mega-cap tech stocks could go. Entering the new trading week, the jury remains out whether the move is just a market blowing-off froth, or whether it is an omen of a deeper sell-off to come.
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