Stock market today (April 20, 2024): Tumbling tech stocks drag Wall Street to the finish line of another losing week

  • 📰 BusinessMirror
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 59%

Business News News

Business Business Latest News,Business Business Headlines

The worst week for big technology stocks since the COVID crash in 2020 dragged Wall Street on Friday across the finish line of another losing week.

NEW YORK —

The market’s worst performers included several stocks that had been its biggest stars. Super Micro Computer lost more than a fifth of its value, dropping 23.1%. The company, which sells server and storage systems used in AI and other computing, had soared nearly 227% for the year coming into the day.

The larger threat was a dawning, dispiriting acknowledgement sweeping Wall Street that interest rates may likely stay high for longer. for a while. That’s a letdown for traders after the Fed had signaled earlier that three cuts to interest rates could be possible this year. Fed officials are adamant that they want to see additional proof inflation is heading down toward their 2% target before lowering the Fed’s main interest rate, which is at its highest level since 2001.

“The giant sucking sound of optimism from the market is due to the Fed’s lack of foresight and irrational focus on where inflation has been instead of where it’s going,” he said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 19. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Asian shares gain despite Wall Street’s tech-led retreat | Elaine Kurtenbach / The Associated Press📈 Stock Market Update 📉: Asian shares rose despite Wall Street's tech-led dip. The Nikkei 225 climbed 0.3%, Hang Seng gained 1.5%, and Kospi surged 1.8%. Oil prices edged up as Treasury yields eased. KnowMore about today's market movements and what they mean for investors.
Source: BusinessMirror - 🏆 19. / 59 Read more »

Stock market today: Asian shares track Wall Street slump triggered by strong US spending data | Elaine Kurtenbach / AP Business WriterAsian shares skidded Tuesday following a slump on Wall Street after higher yields in the U.S. bond market cranked up pressure on stocks. The Shanghai Composite index lost 1.7% to 3,007.07 even though the Chinese government reported that the economy grew at a surprisingly fast 5.
Source: BusinessMirror - 🏆 19. / 59 Read more »

PH stock market plunges amid geopolitical risks, rate cut delaysDefining the News
Source: MlaStandard - 🏆 20. / 55 Read more »