Nervous investors aren’t getting much reassurance this weekend from financial analysts, who see even more room for stocks to fall – especially in the technology sector – following Friday’s massive selloff.
“I have to realistically say that the damage we are seeing now is too much damage to come back from,” said Steve Porter, North American equity and stock index analyst at Elliott Wave International.
The tech-heavy Nasdaq market lost more than a quarter of its value last week, ending with a 200-plus point drop to close at its lowest level in nearly five months.
Observers say quarterly earnings reports this week from Intel, IBM and Microsoft could provide the best hope for stemming the slide.
A complete report is available at www.zdnn.com.