Tech stocks, highly sensitive to rate hikes, tanked on Wall Street. This day Apple (-1.8%), Amazon (-3.2%), Tesla (-4.2%) and Meta (Facebook -3.7%) fell sharply.
High-growth stocks, whose valuations will come under pressure from higher bond yields, took the brunt as the benchmark 10-year return hit a three-year high.
What happened was that Fed Governor Lael Brainard said on Tuesday that she expected a combination of interest rate hikes and a quick liquidation of the Fed’s balance sheet.which generated losses on Wall Street.
The Dow Jones lost 0.42% to 34,496.51 points, while the technological Nasdaq lost 2.22% and fell below 14,000 points to 13,888.82 units. The S&P 500 lost 0.97% to 4,481.15 points.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
