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Business Maverick: U.S. Stocks Resume Selloff With Tech Battered Anew: Markets Wrap

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A fresh selloff in megacap technology shares sent stocks to the fourth loss in five days as investors remain worried that valuations stretched too far in a five-month rally. Treasuries rose with the dollar.

The S&P 500 dropped as much as 2%. Volatility has been even more prevalent in the Nasdaq 100, where close-to-close runs have been at least 1% for seven sessions. Energy companies, a small cohort in major averages, plunged as crude dropped back toward $37 a barrel in New York.

Volatility continued to grip American financial markets after a rally that added $7 trillion to U.S. equity values over five months. Reasons for caution were plenty, though no single factor alone set the tone. Signs mounted that the pandemic continues to upend the global economy. In the U.S., data showed cracks in recent labor-market strength, while Europe re-emerged as a virus hot spot. Congress remained far apart on a fresh relief bill.

In Europe, the pound fell amid renewed Brexit tensions. The euro jumped 0.7% the region’s central bank was said to agree that there’s no reason to overreact to the currency’s strength. BP Plc slipped after making its first venture into offshore wind power with a $1.1 billion purchase of U.S. assets from Norway’s Equinor ASA.ECB Keeps Its Crisis Support Steady With Recovery Still Fragile

 

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