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Dow plummets 1,000 points, Nasdaq loses nearly 5% in worst day of the year for stocks

Thursday May 5, 2022. 08:04 PM , from Mac Daily News
The Dow Jones Industrial Average lost 1,100 points, or more than 3%. The S&P 500 and Nasdaq Composite fell 3.7% and 4.9%, respectively, as stocks suffered their worst day of the year on Thursday, deepening the market’s losses for 2022.

On Wednesday, the U.S. Federal Reserve increased its benchmark interest rate by 50 basis points and said it would begin reducing its balance sheet in June in an attempt to rein in rampant inflation not seen in four decades..
Jesse Pound and Tanaya Macheel for CNBC:

Large tech stocks were under pressure, with Facebook-parent Meta Platforms and Amazon falling 5.8% and 7.1%, respectively. Microsoft dropped 4.7%. Salesforce tumbled 6.3%. [Apple is currently down 5.52%.]
The declines put the tech-heavy Nasdaq on track for one of its worst days since the pandemic began.
The Treasury market also saw a dramatic reversal of Wednesday’s rally. The 10-year Treasury yield, which moves opposite of price, surged back above 3% on Thursday and hit its highest level since 2018. Rising rates can put pressure on growth-oriented tech stocks, as they make far-off earnings less attractive to investors.
Thursday’s sell-off was broad, with more than 80% of S&P 500 stocks declining. Even outperformers for the year lost ground, with Chevron, Coca-Cola and Duke Energy all seeing relatively minor losses.

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The post Dow plummets 1,000 points, Nasdaq loses nearly 5% in worst day of the year for stocks appeared first on MacDailyNews.
https://macdailynews.com/2022/05/05/dow-plummets-1000-points-nasdaq-loses-nearly-5-in-worst-day-of-t...
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