The sell-off in US tech stocks intensified, and thwarted expectations of interest rate cuts exacerbated market panic.
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TL;DR
US tech stock sell-off intensified, with major indices falling as fears grew that the Fed won't cut rates soon. The S&P 500 and Nasdaq dropped sharply, driven by market concerns over economic data and Fed policy.
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US tech stocksstock market sell-offFederal Reserveinterest rateseconomic data
According to Mars Finance, on Friday, November 14th, the sell-off in US stocks, led by technology stocks, deepened, with major benchmark indices breaking through support levels as market concerns intensified that the Federal Reserve might not cut interest rates at its next meeting. The S&P 500 opened 0.8% lower on Friday, continuing the plunge led by technology stocks and breaking below its 50-day moving average. The sell-off in technology stocks also dragged down the Nasdaq 100, which opened down 1%. The blue-chip Dow Jones Industrial Average fell 1.1%. The Chicago Board Options Exchange Volatility Index (VIX) climbed above 22. Brian Jacobsen, chief economic strategist at Annex Wealth, said, "There are always things the market is worried about. Currently, concerns about the Fed pausing its operations in December have replaced concerns about a prolonged government shutdown. Although the government has reopened, economic data remains 'dark,' and it will take more time to resolve this. This is part of the reason why the stock market has been correcting and trying to stabilize." (Jinshi)