Investors pulled $3.5 billion out of the popular Invesco QQQ Trust Series 1 ETF – which tracks the Nasdaq 100 index – on September 18.
The Invesco QQQ ETF with more than $120 billion in assets as of Friday is the biggest technology ETF available to investors.
The outflow marked the largest withdrawal since October 2000, amid the dot-com bubble according to Business Insider.
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In the past three weeks, Nasdaq 100 index has tumbled 13% from the levels seen on 2 September.
The Nasdaq 100 is currently on track to lose over 10% in September, which would be its worst month since 2008.
The three-week sell off in technology stocks comes as investors grapple with uncertainty surrounding the upcoming November presidential election, additional fiscal stimulus measures in response to the COVID-19 pandemic, and the development and rollout of a successful COVID-19 vaccine candidate.
However, on Monday, Nasdaq 100, is outperforming the Dow Jones industrial average and S&P 500 following the crash in banking stocks.
Indices performance at the time of this report
- Dow 30 is down by 2.94%
- S & P 500 is down by 2.27%
- NASDAQ 100 is down by 0.94%
Written by;
Ikueze Ifunanya