Big Tech stocks close out a ‘nightmare’ September

The Apple logo is displayed at the Nasdaq MarketSite just before the opening bell in New York on Thursday, Aug. 25, 2011.

Scott Eells | Bloomberg | Getty Images

September has been a tough month for traders overall, but a perfect storm left Big Tech stocks, a sector that normally leads the market, with losses. 

“It’s been a ‘Nightmare on Elm Street’ month of September for tech investors,” Dan Ives, managing director at Wedbush Securities, told CNBC.

The Nasdaq, which gets about 40% of its value from just a handful of technology stocks, lost more than 5% in September. At the same time, the S&P 500 has dropped nearly 4%. The Dow Jones Industrial Average has lost more than 2% since Sept. 1.

Apple, which had managed to weather the Covid-19 pandemic and posted impressive results in its fiscal third quarter, closed down 10.25% from the closing price on Aug.

Read More

Why the TikTok Ban Would Have Been a Cybersecurity Nightmare

TikTok and WeChat are still available in mobile app stores, despite a threatened ban by executive order, and for that the President should be thankful. The fallout on the cybersecurity front would have been considerable. 

While the Google and Apple app stores would have no longer offered the apps, users who already downloaded the app would have been able to still use it. Like a book injunction, which can force booksellers to return distributed copies of a banned book back to the publisher, Apple and Google can make these apps disappear. They were not ordered to do that–and as such serve as a great illustration of the unintended cyber risks that attend seemingly unrelated decisions.   

With a ban in place, TikTok and WeChat users in the U.S. would no longer be supported. In the event of a newly discovered security vulnerability, there would be no patch. The potential ramifications for

Read More