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.
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.