CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. See our full Risk Disclosure and Terms of Business for further details.

Search LOGIN

Nasdaq drops 10% in 3 days!!


•    Tesla stock slides -21% in biggest 1-day drop ever
•    GM takes 11% stake in EV truck-maker Nikola Motors (NKLA +40%)
•    Pound drops further as top UK government lawyer quits
•    Crude oil dives 7% in worst drop since June
•    DAY AHEAD: China CPI, Canada rate decision, UK Brexit bill published


It was another rough day for tech stocks on the return of Wall Street from a long holiday weekend. The Nasdaq dropped 4.1% and is now down 10% in just three days. The Dow dropped over 600 points but fared the best of the major averages. Shares of Apple dived 6.7% and have fallen 14% across 3 days.

Sterling fell to its lowest in a month versus the dollar (GBP/USD) after Sir Jonathan Jones, the head of the Government Legal Department resigned, reportedly in protest of the planned ‘internal markets bill’ to be announced Wednesday.

It was a rough day in crude oil markets with prices dropping 7% on a combination of wider market angst and concerns for the demand outlook at the end of the US summer driving season, which barely materialised this year.

Gold rebounded off its 50-day moving average helped by haven demand as equity markets tumbled but remains 7% below record highs formed in early August.

Tesla & Nikola

Today was a double-whammy for Tesla shares after the S&P 500 rejected the company as part of the index over the weekend and then General Motors announced a stake in EV vehicle-maker rival Nikola. 

Nikola stock soared 40% as traders dumped Tesla and piled into the new EV darling. GM has bought an 11% stake worth $2 billion and will supply Nikola with batteries and manufacture the ‘Badger’ truck. It means Nikola can come to market much earlier (late 2022) than if it were building its own plant and developing a supply chain. That puts pressure on Tesla to ramp up its vehicle production even further before GM and Nikola scale up.

Crude pain

Saudi Arabia reportedly cut its selling prices, raising fears that market demand was not there to maintain current levels. A bit like the Nasdaq, crude oil has seen prolific gains since WTI futures turned negative in March, rising 90% in May and posting successive monthly gains. As investors sell out of tech stocks, some will also be cutting postion in oil.