CCTV Transcripts

CCTV Script 09/09/20

— This is the script of CNBC's news report for China's CCTV on September 9, 2020, Wednesday.

The technology-heavy NASDAQ was particularly hard hit at 4.11 in overnight trading, compared to the performance of DJIA and S&P500. Among the major tech companies, we saw Apple lost nearly 7 percent, Microsoft down 5.4 percent, and Tesla fell more than 21 percent, the biggest one-day drop on record.

Tesla failed to make it into the S&P 500 on a list released on Friday, disappointing market expectations. Tesla has sold about $5bn worth of stock at high prices in recent days, and its largest outside shareholder, Baillie Gifford, has recently trimmed its tesla holdings. Although they say this is only because of portfolio adjustments, there are still some negative effects on market confidence, and GM's recent announcement that it is taking a stake in electric truck maker Nikola also means Tesla will face increased competition.

After Tuesday's tumble, Tesla shares are still up nearly 295% (294.68%) so far this year and more than 625%(625.90%) over the past year.

Tesla has become the most dangerous stock on Wall Street, according to market participants.

After three straight days of losses, six major U.S. technology companies have lost more than $1 trillion in market capitalization. Apple had the biggest loss, at $318 billion. In an update Tuesday, Goldman Sachs had a sell rating on Apple. Among major tech companies, Facebook, which has made relatively small losses, lost $89 billion in market value in three sessions.

The Nasdaq Composite index has fallen more than 10% in the past three trading days, which means the index is officially in a technical correction.

And from the after-hours performance of stock index futures, the next session is likely to continue to decline.


Wells Fargo Asset Management, chief portfolio strategist 

We are actually looking at this pretty…, things a little bit more favorable, mainly because we do think that over the long term, there are still some good opportunities in technology. But uh, we would much rather be uh, looking at technology and other sectors perhaps, not necessarily just looking at the tech sector per se, but in all those areas that are more tightly tied to a cyclical recovery 

There are plenty of voices that welcome a correction, but at the same time there are those who think that more falls are likely, or even that the bubble has burst.


Galaxy digital Founder CEO 

Fmr. fortress investment group fund manager 

 I think the bubble popped, now it is selling the rally not buy the dip, so the psychology has to change, and it is slow to change, people have made lots of money buying the dip, so I think you gonna see more pain  

We'll also keep an eye on what's next for U.S. stocks