Wednesday, 5 May 2021

Tech stocks lead market falls

Markets were mostly lower on Tuesday.

The S&P 500 fell 0.7 percent and the STOXX Europe 600 fell 1.4 percent.

Technology stocks saw the biggest losses, with the Nasdaq Composite plunging 1.9 percent.

“It’s a combination of a sell-off on the winners of the past months... with the month of May and a ‘nervous’ positioning,” said Angelo Meda, portfolio manager at Banor SIM in Milan.

Adding to concerns for investors were comments by US Treasury Secretary Janet Yellen that interest rates may rise.

“It may be that interest rates will have to rise somewhat to make sure that our economy doesn’t overheat,” Yellen said during an economic forum presented by The Atlantic.

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