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Reuters
US STOCKS-Nasdaq falls 2% as tech rout deepens ahead of Fed minutes
The Nasdaq slumped 2% on Wednesday as tech stocks extended their sell-off 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 Tesla Inc , Apple Inc and Amazon.com Inc tumbled between 2% and 5%, dragging the Nasdaq and the S&P 500 lower. “When real interest rates rise, and they rise rapidly, longer duration equities tend to have a rougher ride,” said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management Co.
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