Tesla (NASDAQ: TSLA) shares plummeted 2.7% in premarket trade, while Apple (NASDAQ: AAPL) shares fell close to 3% and Nvidia (NASDAQ: NVDA) shares plunged 4.5%. Following Tesla’s announcement of a 3-for-1 stock split in a proxy statement, the shares rose in Friday’s extended session.
It wasn’t only Microsoft and Amazon that took a hit on Monday. Google parent Alphabet and Microsoft were also down 3.4 percent and 2.7 percent, respectively.
S&P 500 SPX –2.91 percent is on the verge of entering a bear market on Monday, spurred by a report on increasing inflation and worries of an impending recession.
S&P 500 futures fell by 2.4% to 3,804 points before the start on Monday, according to SPX to Dow Jones Market Data. To be considered in a bear market, the S&P 500 must decline by 20% from its recent highs, or below 3,827 points.
During the week ending March 27, 2020, the S&P 500 Index lost 207.68 points, or 5.05 percent, to finish at 3900.86 points.