N@N

Tech-heavy Nasdaq suffers worst day since 2022 with $1 trillion wiped out

The tech-heavy Nasdaq Composite experienced its worst day since 2022, plummeting by 2.2% and erasing approximately $1 trillion in market value. This significant drop was triggered by a combination of factors including a sharp rise in bond yields, with the 10-year Treasury yield reaching its highest level since 2007 at 4.306%. The increase in yields was influenced by robust U.S. economic data, which suggested that the Federal Reserve might maintain higher interest rates for an extended period. This environment is particularly challenging for tech stocks, which are sensitive to interest rate changes due to their reliance on future earnings. Major tech companies like Apple, Microsoft, and Amazon saw declines, with Apple dropping nearly 3% and Microsoft and Amazon each falling more than 2%. The broader market also felt the pressure, with the S&P 500 and Dow Jones Industrial Average also recording significant losses.

Read the Full Insider Article at:
[ https://www.msn.com/en-us/money/other/tech-heavy-nasdaq-suffers-worst-day-since-2022-with-1-trillion-wiped-out/ar-AA1ADHZf ]