Scottish Mortgage Investment Trust PLC (LSE:SMT) continues to trade lower following an exceptionally bearish Friday trading session.
The FTSE 100-listed technology-focused investment trust flopped another 5.3% on Monday in response to a sharp sell-off of US tech stocks.
SMT’s investment portfolio is heavily weighted to tech giants including Nvidia Corp, Amazon.com Inc (NASDAQ:AMZN), Tesla Inc (NASDAQ:TSLA) and Dutch group ASML Holdings NV.
These tech stocks continue to be bid lower following an underwhelming tech earnings season, on top of heightened recession fears in the US.
The tech-focused Nasdaq 100 Index is tipped to open more than 600 points lower when trading commences today, thus wiping 3.4% from the market.
The Nasdaq was down a full 1,000 points earlier today’s pre-market session.
SMT is feeling the pressure of this intense market repricing. Currently swapping for 773.6p, the stock has now lost all of its year-to-date gains.