The Nasdaq index is down more than 22% so far this year as investors shed their exposure to riskier growth stocks that powered the markets’ blockbuster performance during the COVID-19 pandemic. The Nasdaq lost more than 5% of its value on Thursday, marking its worst day in nearly two years.
The market’s downturn erased a “relief rally” that occurred earlier this week after Fed Chair Jerome Powell said the– and marked a 2,000-point, two-day swing for the Dow. “‘Recession shock’ was priced-in too quickly; this is a problem as stronger-than-expected economic data in the first half is causing the market to price-in longer/bigger inflation/rates shock,” the analysts said.So far, the risk of an economic slowdown hasn’t impacted a historically strong US labor market.
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Source: Variety - 🏆 108. / 63 Read more »