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Tech wreck continues after a volatile week on Wall Street

Dow tumbles again as tech wreck continues



Richard Quest: 'The market is in deep dysfunction'ReplayMore Videos ... (15 Videos)Richard Quest: 'The market is in deep dysfunction'Watch what this Kawasaki factory in Nebraska did to attract workersThis tech startup is trying to get better care for new momsAre you considering going back to your old job? Watch this firstBill Gates: Elon Musk 'could make Twitter worse'Oil baron unleashes vast wealth to fight PutinFed raises interest rates as it tries to catch up with inflation Redfin Chief Economist: Despite signs of the housing market cooling, prices will stay highWatch how Fox News and MSNBC hosts react to Roe v. Wade draft opinionFormer NY Fed chief: Fed was 'very late' in addressing inflationWatch what it's like inside a Blue Origin flightAmericans are tipping less in the wake of tipping fatigueSee Nike's new building honoring tennis star Serena WilliamsHear CEO admit Boeing 'probably shouldn't have' made Air Force One deal with Trump'Puts me on the street': Americans forced out of homes as rents skyrocketNew York (CNN Business)US stocks fell sharply Monday morning, extending last week's losses, as traders' anticipated a new load of bad news on inflation and earnings.

The Dow (INDU) opened down about 400 points, or 1.4%. S&P 500 (SPX) futures fell by 1.6%, and the Nasdaq Composite (COMP) lost about 2%. The 10-year Treasury note was trading at around 3.19%, its highest yield since late 2018.The moves follow an incredibly volatile week on Wall Street. It marked the fifth straight week of losses for all three major US stock indexes. Fed Chair Jerome Powell told investors last Wednesday afternoon that future rate hikes larger than a half percentage point are "not something the [Fed] is actively considering," leading to a bullish surge in markets. The major indexes all grew by around 3%, and the S&P 500 and Dow had their best days in nearly two years. By Thursday investors decided they weren't so keen on the changes, worried about the increasing chances that the Fed plunges the economy into a recession. The Dow dropped 1,120 points, or 3.3%, the S&P 500 fell 3.7%. The Nasdaq Composite tumbled 5.2%, marking its worst day since 2020.Read More"I've been in the markets for 25 years and I've never seen anything like this," said Danielle DiMartino Booth, CEO and chief strategist for Quill Intelligence, a Wall Street and Federal Reserve research firm. "It's violent not just volatile."How long will inflation last? The answer lies in the pastThe forward-thinking tech sector is particularly vulnerable to higher rates: investors expect tech companies to post electric growth, but inflation and higher interest payments will take a big bite out of those profits. Facebook parent company Meta Platforms (FB) fell by about 2.4% and Google owner Alphabet (GOOGL) dropped by 2%.Amazon (AMZN), Apple (AAPL) and Netflix (NFLX) were each down more than 2%. Data analytics company Palantir, meanwhile, fell 19% after reporting mixed quarterly earnings. Electric vehicle maker Rivian dropped by nearly 14% as the insider lockup period for selling the stock expires. Ford (F) owns a 102-million share stake in the company and has lost money on the deal. Mentions of 'weak demand' in earnings reports are now at their higher level since the second quarter of 2020, according to research by Bank of America analysts. "Our guidance ratio, earnings revision ratio, and corporate sentiment reading all plummeted to the lowest since [the second quarter of 2020]," they wrote, "adding to recession concerns."


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