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US English

Tech shares drive Nasdaq comeback amid Musk’s Twitter tantrum

By Joseph Toppe

19:53, 13 May 2022

Elon Musk Twitter account
Market rebounds after Thursday’s ‘indiscriminate sell-off’ - Photo: Getty Images

Tech shares spurred the Nasdaq into the green on Friday, while shares of Twitter (TWTR) bucked the trend, finishing the session 9.69% below the redline after potential buyer Elon Musk’s latest tweets sent the stock plummeting.

Elon Musk Twitter account Elon Musk Twitter account

In the tweets early Friday morning, Musk stated the $44bn deal was “on hold” but assured he was “still committed to the acquisition” in a subsequent tweet a few hours later.

Twitter (TWTR) stock price

David Jones, senior market analyst at, said stock in the social media platform “was always a risk, and that is why it is trading so far away from the takeover price.

“If the stock recovers further, it will endure some selling and short-selling again as traders begin to see more bumps ahead before anything gets done,” he said. Regarding Elon Musk, Jones said: “it wouldn’t surprise me if he just walked away.”

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Tech rally rundown

Elsewhere in the tech sector on Friday, shares of Microsoft (MSFT) were up 2.26%, Apple (AAPL) up 3.19%,  Alphabet (GOOGL) up 2.84% and Tesla (TSLA) up 5.71%.

Nasdaq 100 (US 100) price chart

US indexes: Dow, S&P, Nasdaq win as ‘macro picture worsens’

During the session, the Dow Jones Industrial Average (US30) added 466 points, or 1.47%, the S&P 500 gained 2.39%, and the Nasdaq Composite (US100) jumped 3.82%.


36,096.10 Price
+0.080% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 2.2


16,638.90 Price
+0.010% 1D Chg, %
Long position overnight fee -0.0221%
Short position overnight fee -0.0001%
Overnight fee time 22:00 (UTC)
Spread 8.0


16,004.10 Price
+1.350% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8


4,581.20 Price
+0.670% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.8

On Thursday, the blue-chip index slipped 0.33%, the Standard & Poor’s fell 0.12%, but the tech-heavy benchmark rose 0.06% just before the closing bell.

Warning signs remain

Piero Cingari, analyst, said “the market is striving to recover from yesterday’s sell-off, but the underlying macro picture is worsening.”

“Consumer sentiment in the US dropped far short of predictions in May, reaching its lowest level since 2011 as rising inflation begins to crimp demand,” he added. “Today’s major gainers are also the week’s largest losers, but in a risk-averse environment, investors may still pick consumer defensive and utilities as sectors that may thrive in an economic downturn.”


Markets in this article

Alphabet Inc - A (Extended Hours)
137.26 USD
6.89 +5.320%
Apple Inc (Extended Hours)
194.17 USD
1.77 +0.920%
Microsoft Corp (Extended Hours)
370.75 USD
2.39 +0.650%
Microsoft Corp (Extended Hours)
370.75 USD
2.39 +0.650%
US 500
4581.2 USD
30.7 +0.670%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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