The Nasdaq is down 2% as the technical way deepens minutes before the Fed

Traders work on the New York Stock Exchange (NYSE) site in New York City, USA on March 30, 2022. REUTERS / Brendan McDermid

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  • U.S. Treasury revenue reached a multi-year high
  • The FOMC March meeting minutes will be released at 1800 GMT
  • Indices below: Dow 0.68%, S&P 1.20%, Nasdaq 2.31%

April 6 (Reuters) – The Nasdaq fell 2% on Wednesday as technology stocks extended selling for the second day in a row amid growing concerns about the Federal Reserve’s aggressive measures to combat inflation.

Shares of megacop development companies such as Microsoft (MSFT.O)Apple (AAPL.O) And Amazon.com (AMZN.O) Fell between 2.2% and 3.3%, pulling down the Nasdaq and the S&P 500.

High-growth stocks, whose ratings are under pressure from higher bond yields, reached a key 10-year yield three-year high.

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Fed Governor Lyle Brinard said on Tuesday that he expects a combination of interest rate hikes and rapid balance sheet flows, which have triggered losses on Wall Street.

Peter Cardillo, chief market economist at Spartan Capital Securities in New York, said:

“Today’s central bank minutes may show an even more rude attitude by central bank members. I think they will point to a half per cent increase next month.”

The minutes of the Federal Open Market Committee ET (1800 GMT), to be released at 2 p.m. read more

While impact estimates vary, central bank chairman Jerome Powell said after the March meeting that the short-term rate could mitigate the same effect of an additional quarterly point increase.

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Traders are now seeing 83.1% discrepancies in the 50 basis point rate hike at next month’s central bank meeting. IRPR

CBOE Instability Code (.VIX)Also known as the Wall Street Fear Scale, it rose to 24.36 points, the highest since March 21.

U.S. stock markets were worse off earlier this year as the war in Ukraine heightened concerns about rising inflation.

The United States on Wednesday targeted Russian banks and elites with a new embargo, including a ban on any American investment in Russia, following allegations by Washington and Kiev that Moscow had committed war crimes in Ukraine. read more

10:17 a.m. ET, Dow Jones Industrial Average (.DJI) The S&P 500 was down 237.28 points, or 0.68%, at 34,403.90 (.SPX) 54.20 points or 1.20% to 4,470.92, the Nasdaq joint (.IXIC) 328.14 points or 2.31% to 13,876.03.

Of the other three shareholders, JetBlue Airways Corp. (JBLU.O) Carrier drops 8.4% after Spirit Airlines Inc. bids $ 3.6 billion on unsolicited bid (Save.n)Low cost will reduce the number of merger plans between Carrier and Frontier Group Holdings Inc. (ULCC.O).

Frontier Group and Spirit Airlines fell 10.2% and 3.0%, respectively. read more

In the NYSE there are more declining issues than those improving at a 3.70-to-1 ratio. The problems are more likely to decrease than those improving at 4.80-to-1 on the Nasdaq.

The S&P Index recorded 26 new 52-week highs and 21 new lows, while the Nasdaq 17 new highs and 154 new lows.

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Report by Bansari Mayur Kamdar and Praveen Paramasivam in Bangalore; Editing by Shaunak Dasgupta and Sriraj Kalluvila

Our standards: Thomson Reuters Trust Principles.

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