The tech-heavy Nasdaq 100 tumbled about 3 percent amid a rout in giants like Tesla and Apple.
By Rita NazarethBloomberg
Published On 11 May 2022
Stocks slid after data showed that US inflation will remain high for quite some time, adding to concern the Federal Reserve may be forced to unleash further tightening measures that could tip the economy into a recession.
Remarks from Fed Bank of Atlanta President Raphael Bostic didn’t help sentiment either as the official said he’s open to “moving more” on rates if inflation persists at elevated levels. The S&P 500 erased gains and dropped to its lowest since March 2021, while the tech-heavy Nasdaq 100 tumbled about 3% amid a rout in giants like Tesla Inc. and Apple Inc. Small caps sank after a rally that approached 2% earlier in the day. The Treasury curve flattened, with the gap between two- and 10-year yields narrowing nine basis
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