S&P/ASX 200 tumbles 2.73% after US stocks see worst fall in three months

S&P/ASX 200 (INDEXASX:XJO) is experiencing its biggest tumble in almost three months with the index down 2.73% to 5,946 at 1 pm. This follows the worst day since June in the US, with the NASDAQ down 5% last night. All sectors on the ASX are losing ground with technology stocks by far the worst, down 4.53%. Got the feeling there is going to be a mass transition to “long term investor” today. — Stephen Moriarty (@SGM63) September 3, 2020 Overheating tech stocks Amazon is up 82% in 2020, Apple has gained 65% per cent, Microsoft and Facebook have surged 40% and Google is up 23%. Combined, these companies are a whopping five times the size of the Australian stock market. Investment guru Mark Mobius is seeing signs similar to the dotcom bubble of the late 1990s in this US tech stocks rally. He said in an interview with ETNow that “The rally in concept stocks like Tesla is similar to the dotcom crisis. “The runup in the scrip has been based on pure speculations, and valuation is off the roof now. The recent stock split in some tech stocks is adding more to the volatility.” COVID-19 update Victoria recorded 81 new COVID-19 cases and 59 deaths – although a significant number of these deaths were not in the past 24 hours. A total of 50 of the 59 deaths took place between July and August and have now been reclassified. In NSW, there were eight new cases recorded overnight, with the city’s CBD cluster growing by three cases and the St Pauls Catholic College Greystanes cluster growing by two. Top gainers Today’s top gainers on the ASX include Boadicea Resources Ltd (ASX:BOA) (+38.64%), Calima Energy Ltd (ASX:CE1) (+11.11%), Domacom Australia Ltd (ASX:DCL) (+12.50%), Rimfire Pacific Mining N L (ASX:RIM) (+20.00%) and Euro Manganese Inc (ASX:EMN) (+58.33%). Proactive news headlines: Proactive Critical Minerals Webinar next Tuesday will showcase companies pushing for a cleaner energy future Proactive will shine the spotlight on a number of critical mineral companies that are pushing for a global cleaner energy future with a Critical Minerals Webinar next Tuesday, September 8. Register here to attend. ASX conference puts spotlight on new generation innovative growth companies Australia is a hothouse for growth companies with some of the country’s most innovative businesses going on to achieve major international success. A showcase for the latest generation is provided by the ASX Small and Mid-Cap Conference (ASX Ltd - ASX:ASX), which this year is taking place virtually from September 8-10. For more information on this unique event click here. Oakdale Resources about to start diamond drilling at Lambarson Canyon in ‘elephant’ gold territory of Nevada Oakdale Resources Ltd (ASX:OAR) (FRA:F1S) has started site preparation work for a fully-funded diamond drill program at Lambarson Canyon Gold Project in Nevada, with drilling of high-grade gold targets set to start next week. Legend Mining in trading halt ahead of the release of Fraser Range exploration results Legend Mining Ltd (ASX:LEG) has exploration results pending from the Fraser Range and has been granted a trading halt ahead of the announcement.