Nasdaq slides 2% as tech rout deepens ahead of Fed minutes

High-growth stocks, whose valuations stand to be pressured by higher bond yields, bore the brunt as the benchmark 10-year yield hit a three-year high

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Reuters

3 min read Last Updated : Apr 06 2022 | 8:23 PM IST

The Nasdaq slumped 2% on Wednesday as tech stocks extended their selloff for a second straight day on mounting concerns over aggressive actions by the Federal Reserve to fight inflation, with minutes from the central bank's March meeting on tap.

Shares of megacap growth companies such as Microsoft , Apple and Amazon.com tumbled between

2.2% and 3.3%, dragging down the Nasdaq and the S&P 500.

High-growth stocks, whose valuations stand to be pressured by higher bond yields, bore the brunt as the benchmark 10-year yield hit a three-year high.

Fed Governor Lael Brainard said on Tuesday she expected a combination of interest rate hikes

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : Nasdaq Inflation S&P Dow Jones Wall Street US Federal Reserve

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