Infotech

With a fall of 5%, the Nasdaq records its worst session in two years



The descent is violent. On Thursday, Wall Street stock indexes tumbled, with the Nasdaq falling 4.99% at the close. For the index with strong technological coloring, it is the largest fall in one session for almost two years. Measured in points, Thursday’s loss is also the third largest in the history of the index, after those of March 12 and 16, 2020, at the start of the pandemic. The S&P 500 ended the session down 3.55% and the Dow Jones down 3.11%.

In a market worried about the growth of the US economy, technology stocks are particularly volatile. The big stars of the rating did not do well on Thursday, with a fall of 8.3% for Tesla, 7.6% for Amazon or 5.6% for Apple.

Blow bar

On Wednesday, however, investors seemed to be accommodating to the Federal Reserve’s strategy to curb inflation, which is counting on three interest rate hikes of half a point each, between the meeting in early May and the end of July. . They had even welcomed with a rise in prices the fact that the President of the Fed, Jerome Powell, ruled out a priori an increase of 0.75 points at a future meeting. It could have meant too abrupt a helm, capable of stifling growth and depressing the economy.

But this Thursday, the opposite analysis prevailed, with investors now seeming to doubt that the Fed’s policy is capable of cooling inflation. The other markets also had a difficult session. Bond yields, which move inversely to their value, jumped past 3% for ten-year Treasury bills. And the dollar, a safe haven in troubled times, continued to rise after easing the day before.

The figures for job creation and unemployment will be published this Friday in the United States. And the next consumer price index will be released on May 11.

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