Nasdaq hammered as US stocks resume sell-off

NEW YORK: Wall Street stocks were back under pressure Thursday after two up sessions, with tech shares diving on expectations for higher interest rates.
With Federal Reserve officials vowing to focus on inflation as a top priority, investors are quickly readjusting their forecasts.
Art Hogan, chief strategist at National Securities, said many growth-oriented tech stocks are still overvalued, given expectations that the Fed could raise interest rates multiple times in 2021.
“We’re seeing some significant rotation out of tech,” Hogan said, noting the “decidedly more hawkish Fed” compared with earlier in the pandemic.
US stocks opened higher, but later tripped into the red. All three major indices ended lower, with the tech-rich Nasdaq falling the most at 2.5 percent.
Wall Street’s decline came after bourses in Europe pushed higher.
Interest rates and inflation “will keep investors on…

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