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Tuesday, May 24, 2022
HomeLatest NewsWall Street corrects tech-heavy rally: Nasdaq loses up to 4%

Wall Street corrects tech-heavy rally: Nasdaq loses up to 4%

Wall Street is erasing the aid rally this Wednesday, and this Thursday started with a drop of more than 4% for the Nasdaq due to the burden of tech companies. The move comes after a major rally in equities on Wednesday following the Fed’s rate hike announcement.

Its main indicator, the Dow Jones Industrials, lost 1.14% at the open as investors digest the US Federal Reserve’s announcement of a half-point hike in interest rates to fight runaway inflation. Until 17:00, the drop exceeds 2%. The S&P fell 2.7% and the Nasdaq fell 4%.

Yesterday, the Fed announced the biggest rate hike in more than two decades, as the last time the US central bank announced a half-percentage hike was in 2000. Investors received a bullish message, signaling confidence that the Fed can curb inflation without triggering a recession. . However, this Thursday’s drop is again evidence of uncertainty.

By sector, everyone woke up with losses: non-essential goods (-2.29%) as the most affected, as well as technology (-2.13%) and finance (-1.5%). Among the Dow Jones companies, the losses of Salesforce (-3.29%), Nike (-2.69%), Home Depot (-2.68%) and Microsoft (-2.03%) stood out, while only Chevron (0. 68%) and Amgen (0.44%) started positively.


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