FXstreet

This was a brutal week for the stock market. The Dow was down over 1,400 points to close at 23,553, declining 5.7% which puts it in negative territory for the year, down 4.8%. The S&P was down 6% for the week and is now down 3.2% for the year. The NASDAQ had the worst week, down 6.5%, but is still up 1.3% for the year.



Facebook and Amazon both lost $75 billion in market cap last week. While Amazon and Netflix also declined last week they have added $158 and $47 billion for the year, respectively. Apple fell but its much lower valuation should provide some support.

Apple was down 7.3% for the week vs. the NASDAQ’s 6.5%. Nomura, Cowen and BlueFin Research published notes cutting their iPhone estimates. They were a bit offset by Morgan Stanley and RBC publishing positive notes on the company’s Services business. The stock is selling for about a 14x PE multiple and still has its cash horde to buy back a ton of stock, so it may have more support than the highly valued tech stocks.

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