Wall Street in Turmoil: Stocks tumble as inflation remains a concern
NordenBladet – Investors face continued market instability as stocks take a hit, particularly in the tech sector, amid higher bond yields and a strengthening dollar.
* Tech stocks plunge as investors remain risk-off amid hawkish Fed
* Investor worries grow as bond yields rise and dollar strengthens
The S&P 500 and Dow Jones Industrial Average have each declined around 0.5%, while the technology-focused Nasdaq Composite slumped by more than 1%. The bond market has seen the 10-year US Treasury yield rise to 3.88%, with a strong dollar index trading at $104.32.
Despite an earlier market sell-off on Thursday, there is hope for continued growth with strong employment gains and the economy in growth mode.
Experts predict a quarter-percentage point interest rate hike in March and May, with potential for further hikes if inflation, consumer demand, and job growth remain stable. While market turbulence will continue, investors remain optimistic that the economy will remain robust.
Featured image: Unsplash
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