May 06 2021, 12:05 PM
May 05 2021, 3:19 AM
May 06 2021, 12:05 PM
(Bloomberg) Stocks almost wiped out their gains as technology shares turned lower, offsetting optimism over solid corporate earnings and economic reports. Treasuries climbed.
(Bloomberg) Stocks almost wiped out their gains as technology shares turned lower, offsetting optimism over solid corporate earnings and economic reports. Treasuries climbed.
The S&P 500 notched an advance of less than 0.1% while the Nasdaq 100 ended in the red. The Dow Jones Industrial Average rose to a fresh record. Moderna and Johnson & Johnson retreated, while Pfizer finished little changed on news the U.S. will support a proposal to waive intellectual-property protections for Covid-19 shots. Peloton tumbled after recalling its treadmill products. Copper and lumber rallied, adding to inflation worries.
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Volatility gripped financial markets as a selloff in some of the worldâs largest technology companies dragged down stocks.
The S&P 500 came off session lows amid gains in commodity, financial and industrial shares, but still headed toward its biggest drop since mid March. The Nasdaq 100 underperformed as megacaps Apple Inc., Tesla Inc. and Amazon.com Inc. sank. The dollar briefly extended its advance after Treasury Secretary Janet Yellen said interest rates may have to rise modestly to prevent the economy from overheating.
Her remarks added to an already heated debate on whether government spending could spur a surge in inflation, crashing into a stock market showing signs of jitters over elevated valuations. Hedge funds have been bailing from equities at a pace not seen since the financial crisis, while shares have struggled to gain much traction despite blowout earnings.
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