Morning Report 4 Sep 20: US sharemarkets tumbled by the most in almost 3 months on Thursday

The rotation away from technology stocks gained momentum as investors questioned the sustainability of lofty valuations. Apple shares fell 8%. Shares of Amazon (-4.6%), Netflix (-4.9%) and Facebook (-3.8%) all plunged. Microsoft shares slipped 6.2% and Alphabet shares pulled back by 5.1%. Tesla shares tumbled 9%, falling for the third straight session. The Dow Jones index fell by 808 points or 2.8% after being down 1,025 points at session lows. The S&P500 index lost 3.5% and the Nasdaq index dropped 598 points or 5%. 

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