The broader market sell-off continues
On May 20, the US stock market continued to fall after ending the previous couple of weeks in a negative territory. In the week that ended on May 17 and May 10, the NASDAQ Composite Index fell 3.0% and 1.3%, respectively. Today at 2:30 PM EDT, the NASDAQ, the S&P 500, and the Dow Jones Industrial Average were down 1.3%, 0.6%, and 0.3%, respectively. A recent escalation in US-China trade tensions has taken a toll on investors' sentiments, triggering a massive sell-off.
Stocks and large ETFs under pressure
Today's broader market sell-off pressured large ETFs, including the tech-heavy SPDR S&P 500 ETF (SPY) and the Invesco QQQ Trust, Series 1 ETF (QQQ), which falls 0.8% and 1.8%, respectively. SPY and QQQ both have Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), and Facebook (FB) as their top four holdings.
The stock market sell-off is not limited to just US companies. The iShares China Large Cap ETF (FXI) is down 1.4% so far today. Chinese gaming giant Tencent Holdings (TCEHY) makes up nearly 10% or FXI's portfolio. Tencent has fueled nearly 5% today, which has resulted in FXI's fall of more than 1%.