- The Nasdaq fell 2.55% to close Monday?s session at 13,402.
- Tesla plunged on fatal crash investigation and rival advertising on SNL.
- BioNTech shares skyrocket on Q1 results & Asia expansion.
The US markets closed lower on Monday as investors sold off tech stocks amid fears of inflation. Stocks in semiconductor companies were among the biggest losers for the day.
The Dow Jones fell 0.1% to finish the trading day down 35 points to close at 34,743 points.
The tech heavy NASDAQ fell 2.55% to finish the trading day down 350 points to close at 13,402 points.
One bitcoin is worth US$55,831 going into the Asian trading day, down 4.49% in the last 24-hours.
The Australian dollar is stronger against the major currencies and is buying 78.37 US cents.
Tesla shares plunged 6.4% after a federal safety investigation into a fatal crash involving a Tesla in April raised new questions about whether the driver-assistance feature could have been engaged. Tesla stocks also plunged after rivals VW, Ford and Lucid Motor purchased ad spots to air their rival Tesla vehicles during Elon Musk?s SNL appearance.
BioNTech soared 10.15% higher to start the week after exceeding Q1 estimates and announcing a big expansion in Asia through setting up its first regional HQ for South-East Asia in Singapore. For the quarter, BioNTech reported earnings of 2.05 billion euros compared to 27.7 million euros for Q1 of 2020. The FDA also granted authorisation for the Pfizer-BioNTech COVID-19 vaccine to be administered to children ages 12-15, yesterday.
And a Canadian actress is suing TikTok for using her voice without permission in a text-to-speech function which can be played over videos uploaded in the app.