Some investors believe that the corrections suffered by technology stocks on the stock market at the start of the week herald a less flamboyant period for them. They are in the sights of authorities in China, the United States and Europe.

On Tuesday, following Pfizer's announcement, containment values ​​unscrewed on Wall Street: Amazon and Facebook lost 5%, Netflix more than 8%, Zoom 17% and Peloton 25%.

Simple mishap or inflection point for the tech giants on Wall Street? Earlier this week, with the victory of Joe Biden and the announcement by Pfizer and BioNTech of a vaccine with a 90% efficacy rate, investors suddenly – and perhaps a little quickly – saw their horizon shrinking. clear. The euphoria led to a massive repositioning – in favor of sectors massacred by the health crisis and at the expense of technology -, amplified by the algorithms of quantitative management.

“We were far beyond the normal distribution curves, in a statistically impossible area, a sort of black swan [théorie de Nassim Nicholas Taleb, qui nomme ainsi les événements non anticipés et déstabilisateurs sur les marchés, NDLR] inverted “, describes a quantitative analyst. At stake: a surge in stock market indices on many world markets (the CAC 40 rose by nearly 8% on Monday and picked up more than 1.5% on Tuesday). But not on the S&P 500, whose performance has remained very reasonable. And even less on the Nasdaq, which closed lower on Monday and Tuesday. The two star indices of Wall Street have in common: the weight of Gafam (Google, Amazon, Facebook, Apple, Microsoft). They represent more than 20% of the first and more than 40% of the second.