Money
Tech stocks plummet as inflation fears hit the market
Fears of rising inflation hammered Wall Street stocks overnight with technology shares baring the brunt.
Investors amplified new concerns about the rebound from COVID19.
The brutal drop began earlier in the week, continuing into a third consecutive day of losses.
Tech stocks suffering their worst day since March 18, while the Dow had its worst showing since late January.
Down 2% in a day
The Dow Jones, S&P 500 Index and Nasdaq all plummeted, closing more than 2% lower on the day.
With a weekend cyber-attack sharply driving up the cost of gas nationwide, investors are worried about inflation.
A system-wide disruption following a cyberattack on a key energy pipeline operator sent gasoline prices higher.
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The concerns over faster growth and soaring prices complicates the Federal Reserve’s policy of allowing the economy to run hot.
“I believe the Federal Reserve is more focused on the employment part of its dual mandate and will remain accommodative for as long as it takes to ensure the economy returns to full employment,” says Nancy Davis, founder and portfolio manager at Quadratic Capital Management.
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