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The stock market declines as technology stocks fall. As this happens, Yellen says a very modest rate hike may be necessary | business




It’s time to summarize.

The stock market plummeted on uneasy days in the city, on Wall Street and beyond.

Tech stocks led the sell-off, and the Nasdaq Composite index is now down 2.5%, the worst day since March.

Jack Farley (@ JackFarley96)

Nasdaq had its worst day since

May 4, 2021

Megacap technology companies are on a downtrend. Apple is currently down 4%, Amazon is 3.1%, Alphabet/Google is 2.6%, Microsoft is 2.2%, and Facebook is 2.6%.

Germany’s DAX index fell 2.5% on its worst decline in 2021 after chip maker Infineon warned that about 2.5 million cars would not be produced in the first half of 2021 due to a continuing supply chain shortage.

The FTSE 100 started the day bright with travel agencies gathering in anticipation that vacation restrictions would be eased this summer. However, it fell 46 points to 6923 after surpassing the 7,000 points, which was close to the one-year high.

The sale accelerated after Treasury Secretary Janet Yellen suggested that there could be a very modest rate hike to counter the inflationary impact of US stimulus spending.

Economics editor Larry Elliott explains:

As the global economy rebounded from Covid-19, fears of rising interest rates to reduce inflationary pressures plunged stocks on both sides of the Atlantic Ocean.

U.S. Treasury Secretary Janet Yellen’s opinion that a slight increase in borrowing costs may be needed to curb demand was enough to send a trembling through financial markets that were already precarious due to the lack of computer chips.

Traders have already been amazed by a curious stock decline called a microflash crash that creates anxiety in the marketplace.

The latest economic data highlights inflationary pressures building up as the economy recovers from the pandemic.

Plants in the UK have seen the strongest growth since the mid-1990s, with supply chain pressures driving up input costs.

Separately, the Bank of England reported that mortgage loans had surged on record and consumer credit fell again as people paid their bills.

Advertising tycoon Sir Martin Sorrell has sounded optimistic as S4 Capital boosts sales and revenue forecasts.

We are very optimistic about our outlook for this year and next, given the impact of the epidemic and the consequent increase in consumer savings rates and the massive global fiscal and monetary stimulus introduced to counter the stagnation of corporate capital investment.

Given the debt burden that most countries will face and the tax increases that must be fulfilled, chickens can return home in 2023 for a break. However, digital marketing spending is solid despite the downturn, as our results last year show, given the secular growth trend.

From the corporate standpoint… Pfizer has lifted its revenue and revenue forecasts, with Covid-19 vaccine sales expected to reach $26 billion this year.

Jewelry maker Pandora has announced that it will no longer sell mined diamonds. Instead, they said it was more ethical and cheaper to use lab-made diamonds.

Here are more today’s stories.

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