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Tech stocks under siege as Fed’s Powell heads to Capitol Hill

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we equity markets were lower on Tuesday with Big Tech under pressure for a second straight session as traders grappled with the possibility of looming inflation as Federal Reserve President Jerome Powell prepares for two days of testimony in Congress.

TeleprintersecurityLatestChange% Change
I: COMPNASDAQ COMPOSITE INDEX13226.681397-306.37-2.26%
SP500S&P 5003838.77-37.73-0.97%
I: DJIMEDIUM DOW JONES31327.53-194.16-0.62%

The Nasdaq Composite plunged more than 2%, extending Monday’s declines, which reached the lowest level since February 1.

Powell, who is expected to appear before Senate and House committees for consecutive days, will seek to chart the course for the Fed on how it plans to deal with the reopening of the economy and any inflation that may result. of the unprecedented amount. fiscal and monetary stimulus that was injected into the financial system.

Inflation fears have already started to recover in the bond market, with the benchmark 10-year yield having climbed 46 basis points this year to 1.37%. Some Wall Street strategists fear that a move above 1.5% may be embarrassing for the stock market.

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AMZNAMAZON.COM INC.3,139.77-40.97-1.29%
GOOGLALPHABET INC.2,024.69-29.57-1.44%
AAPLAPPLE INC.122.09-3.91-3.10%
MSFTMICROSOFT CORP.231.88-2.63-1.12%

As for stocks, the billion-dollar companies Amazon Inc., Alphabet Inc., Apple Inc. and Microsoft Corp. remained in the crosshairs for a second day.

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TSLATESLA INC.672.63-41.87-5.86%

Elsewhere, Tesla Inc. shares were on the verge of a bear market after closing the previous session 19% below their January high. The majority of these losses have occurred in the past two sessions as bitcoin has sold off strongly. Tesla announced earlier this month a $ 1.5 billion investment in the cryptocurrency, but is still ahead of its purchases.

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HDHOME DEPOSIT INC.260.01-16.12-5.84%
MMACY’S INC.14.66-0.62-4.06%

In terms of profits, Home Depot Inc. posted profits and revenues above Wall Street estimates, but failed to provide an outlook due to uncertainty surrounding COVID-19 and the impact on spending of consumption.

Macy’s Inc. said same-store sales fell 17% from a year ago, but the retailer still managed to post its only quarterly profit in fiscal 2020. stores forecasted current year sales that were ahead of analyst expectations.

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AMCAMC ENTERTAINMENT HOLDINGS INC6.90+0.39+ 6.01%

Meanwhile, AMC Entertainment Holdings Inc. was at the center of concerns after New York City announced theaters could open at 25% capacity starting March 5.

In commodities, West Texas Intermediate crude fell 25 cents to $ 61.45 per barrel and gold slipped $ 2.60 to $ 1,807 per ounce.

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European markets were trading with the French CAC 40 up 0.06%, the weaker UK FTSE 100 by 0.12% and the German DAX 30 lower by 1.02%.

In Asia, China’s Shanghai Composite lost 0.17%, Japan’s Nikkei 225 climbed 0.46%, and Hong Kong’s Hang Seng gained 1.03%.

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