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Technology: Elon Musk’s Tesla fails to make cut for S&P 500

Technology: Elon Musk’s Tesla fails to make cut for S&P 500

AP

Technology: Elon Musk’s Tesla fails to make cut for S&P 500

The Nasdaq tumbled on Tuesday as investors dumped high-flying technology stocks, while Tesla tracked its worst day in nearly six months after a surprise exclusion from the S&P 500 index of leading US shares.

At session lows on Tuesday, Facebook, Amazon.com, Apple, Tesla, Microsoft, Alphabet and Netflix - together known as "FAATMAN" - were collectively down more than $1 trillion (€845bn) in market capitalisation since September 2.

All eleven major sectors on the S&P index fell in early trading, with declines worsening after news on Friday that Japanese investor SoftBank made significant option purchases during the recent run-up in US stocks.