Financial market turmoil: tech stocks fall, neobrokers disrupted
All financial markets are jittery as the week begins, with major tech firms facing significant losses. Issues with trading apps arise at a critical moment
(Image: Vintage Tone/Shutterstock.com)
After investors had to accept heavy price losses in many areas at the end of last week, the slide is now continuing. Major technology stocks such as Nvidia, Google and Meta are still under pressure, and cryptocurrencies are also falling. Meanwhile, some neo-banks are apparently having problems with technology at the start of the week, which is further fueling nervousness.
Fears of an escalation of the conflict in the Middle East and bad news from US tech companies such as Nvidia are further fueling uncertainty on the stock markets. The DAX stood at 17,250 points on Monday morning, around 1,600 points below its all-time high of 18,869 points. The "Magnificent Seven", the major US tech companies Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla, are also under pressure: Nvidia shares fell by over 15 percent on the week.
The ETF (Exchange-Traded Fund) "S&P 500 Information Technology Sector" (WKN A142N1), which tracks the most important stocks in the technology sector, also plummeted: down 12% week-on-week and 7.24% on Monday morning, this is likely to cause at least a few tech investors to frown.
Technology analyst Philipp Klöckner ("Doppelgänger Podcast") believes that reactions are exaggerated: "A correction is good for overheated technology shares. But I think the current panic is exaggerated. Provided that any retaliatory strike by Iran against Israel is moderate – as expected – I expect a recovery by the middle of the week," Klöckner told heise online.
Bitcoin, Ethereum and co. fall
Crypto is also on the decline for now: at around 52,700 US dollars, Bitcoin is at its lowest level since February and Ethereum has also fallen by more than 20 percent to its February level. The losses on the crypto market also dragged the Coinbase share into the red – the crypto exchange had recently delivered decent quarterly figures according to reports, but is strongly linked to the now falling Bitcoin, Ethereum and Co. via its trading volume.
Technical problems with financial apps
The nervousness on the markets is being compounded by reports of technical problems: neobroker Scalable Capital is reporting accessibility problems for users of the Android and iOS apps and the website on its status page. The telephone customer service is apparently also currently disrupted. In forums and social networks, there are also repeated reports of difficulties accessing other trading apps and websites – but their status pages and independent collection points for internet disruptions show no anomalies. For nervous investors who are worried about the value of their portfolio, such technical difficulties are inconvenient.
(cku)
