Nasdaq 100 Tumbles 2% With Tech Leading Stock Rout (Yellen Hints At Rate Increases)

by confoundedinterest17

When I was at Ohio State University, Steve Buser and I started the Student Investment Management (SIM) program in 1990 with $5 million from OSU’s endowment fund. It was a fun class to teach and we were featured in Time Magazine, Barron’s, the BBC and United Airlines in-flight news, among others. So, today’s news was always fun to talk about. Like this …

Volatility gripped financial markets as a selloff in some of the world’s largest technology companies dragged down stocks. Treasuries climbed with the dollar.

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The S&P 500 headed toward its worst day since mid March, while the Nasdaq 100 sank 2% amid a rout in megacaps Apple Inc., Tesla Inc. and Amazon.com Inc. CVS Health Corp. climbed after raising its full-year forecast as Covid-19 vaccines and testing helped boost first-quarter results and offset a weak cold and flu season.

A sharp drop in equity futures earlier Tuesday left traders scrambling for reasons to explain the move. The catalyst behind the decline was unclear, but investors speculated on military tensions between China and Taiwan, Singapore’s tougher lockdown and Ferrari NV’s decision to postpone financial targets.

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How about the computer chip shortage? And Treasury Secretary Janet Yellen hinted this morning that interest rates may have to rise to prevent overheating of economy?

Stock market volatility (VIX) spiked this morning at the NASDAQ composite index dropped by 2%.

And the NY FANG+ index (a tech heavy index composed of Facebook, Amazon, Netflix, Google, etc) took a drubbing this morning.

Thanks Janet!

 

 

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