Open trading account 
Overnight newsFANG stocks
- The FANG Index representing Facebook, Amazon, Netflix and Google dropped 6.2% overnight pushing the Nasdaq down 2.93% and the rest of the stocks lower as well. The Index is still up 8.9% though compared to the Nasdaq, which is only up 1.53%; the Dow down 3.49% and S&P down 2.28%. At 65 times earnings in mid-March, the group was valued almost three times as richly as the S&P 500 Index. That’s comparable with tech stocks in March 2000.
- Several news triggered that selloff: Facebook's CEO Mark Zuckerberg is expected to testify before the US House Energy and Commerce Committee. Outside that group, Twitter dropped 12% to $28.07 after short seller Citron Research said it was betting against the company because of potential privacy regulations. Nvidia dropped 4.8% after it said it will temporarily suspend its self-driving vehicle testing. It is providing the technology to Uber.
- Tesla dropped as much as 5.3% after estimates the company may be making about 975 of the cars a week, well short of the target to build at a 2,500-unit rate by the end of this quarter. On top of that, The NTSB is sending two investigators to examine issues raised by a fatal Tesla crash that occurred Friday in California.
- Most of the flows were profit-taking than real short selling.
- The 10-year US yield dropped 7.7 basis points and below 2.80% on risk-off and flight to safety, USD rallied but gold didn’t manage to break the highs of 1360 on that equity selloff
