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Tech stocks fell for a second day in a row on Tuesday, with big losses from many top tech companies that had beaten the market in the past year Chairman of the Federal Reserve
Jerome Powell
began a long-awaited testimony to Congress on Tuesday morning and largely reiterated his often conciliatory remarks

The

Dow Jones Industrial Average

lost 60 points, or 02%, while the

S&P 500

fell 05% The

Nasdaq composite

fell 15% after losing 25% on Monday All three indices were far from their worst levels of the morning, which came shortly after the opening bell

Powell began the first of two speeches to Congress this week on Tuesday morning Topics covered included monetary policy and the state of the economy, with the Fed chairman emphasizing that the recovery has “a long way to go “Essentially, the central bank will not let go of the gas pedal until unemployment drops significantly and inflation appears to stay above its 2% target for an extended period. Powell also did not address the recent sharp rise in Treasury yields, or whether that could lead to higher borrowing costs to slow the pace of the recovery.

The yield on the 10-year U Treasury note was down slightly on Tuesday, to around 136% – but down from 11% less than two weeks ago Higher rates erode the present value of cash flows futures, especially for growing companies such as tech companies, who expect a large portion of their profits to flow further into the future than more mature companies

Tech stocks have fallen in recent days due to the rate hike, and this continued on Tuesday The tech sector S&P 500 is down 15%, while consumer discretionary is down 18%

You’re here

the stock (ticker: TSLA) fell 36%,

Apple

(AAPL) lost 26%,

Nvidia

(NVDA) fell 31%, and

Focus on video communications

(ZM) lost 42%

Cyclical and more value-oriented sectors were better off on Tuesday, with energy stocks S&P 500 up 02% and financials gaining 04% But defenses were the place to be: Utilities rose 06 % and added commodities 04%

“Inflation fears continue to weigh on the markets, and even the European Central Bank signaled yesterday that it is closely monitoring bond yields,” said Milan Cutkovic, analyst at Axi. “There is ‘hope that the conciliatory remarks of US Fed Chairman Jerome Powell during his next testimony will calm the markets “

Read more: To watch in the bond markets this week: Testimony from Powell, the Fed’s favorite inflation gauge

“While there are clear signs of unease in the stock market, vaccination hopes and Democrats rushing to pass the stimulus bill before unemployment benefits expire are preventing further sell-off important “, added Cutkovic

In Asia, Tokyo

Nikkei 225

pink 05%, while Hong Kong

Hang Seng

pink 1% Le

Shanghai Composite Index

fell 02% The

FTSE 100

in London and the

CAC 40

in Paris each rose about 01% Frankfurt

DAX

was down 07%

Home Depot

(HD) Shares fell 4% even after the company said it was earning $ 2.65 per share, beating estimates of $ 2.62, on revenues of $ 32.26 billion, better than expected $ 3073 billion Investors seem concerned that the strong growth will not continue after the economy reopens

Palo Alto Networks

(PANW) shares fell 15% after the company also had a strong quarter The company reported earnings of $ 1.55 per share, beating expectations of $ 1.43 Companies said revenue was $ 1 billion, higher than the $ 985 million forecast

Shopify

(SHOP) stock fell 55% after company said it would issue more than a million shares in new equity

Carnival corp

(CCL) fell 27% after the company said it would sell $ 1 billion in new shares

MGM Resorts International

(MGM) rose 34% after Argus upgraded stock to buy pending

AMC Entertainment Holdings

(AMC) stock jumped 108% alongside those of other New York Government movie chains
Andrew Cuomo
said on Monday that the state will allow cinemas to reopen at 25% capacity from March

The shares of European travel and leisure groups have increased, especially in London UK premier
Boris Johnson
Monday set a tentative first date of June 21 for all social restrictions to be lifted National holidays could become possible in mid-April

Shares in the owner of British Airways

IAG

jumped almost 7% before parrying the gains

Air France – KLM

the stock was 5% higher and the shares

Lufthansa

increased by 2% In the aeronautics sector,

Airbus

stocks rose 3% and struggling British engineer stocks

Rolls Royce

jumped almost 6%

Optimism was also present in hotel actions, with actions in

InterContinental Hotels Group,

group of restaurants and hotels

Whitbread,

and French hotel giant

Accor

all climbing

HSBC

was a major decline in European trade, with the global banking giant down almost 25% after posting a 34% drop in profits through 2020

Tech stocks fell for a second day in a row on Tuesday, with big losses from many top tech companies that had beaten the market in the past year

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Stocks

World News – CA – Pare Loss Stocks as Powell Evidenced

Source: https://www.barrons.com/articles/global-stocks-stall-ahead-of-powell-testimony-on-the-economy-51614079152