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Tech Stock Sell-Off Worsens in US Stock Market, Rate Cut Expectation Setback Exacerbates Market Panic
BlockBeats News, November 14, Friday U.S. Session: A sell-off led by tech stocks deepened in the U.S. stock market, with major benchmark indices breaking below support levels, as market concerns grew over the possibility that the Fed may not cut interest rates at the next meeting.
The S&P 500 Index opened 0.8% lower on Friday, extending the tech-led plunge and dropping below the 50-day moving average. The tech sell-off also weighed on the Nasdaq 100 Index, which opened down 1%. The blue-chip Dow Jones Industrial Average fell 1.1%. The CBOE Volatility Index rose to above 22.
Brian Jacobsen, Chief Economic Strategist at Annex Wealth, said, "The market always has things to worry about. The current concern about the Fed pausing action in December has replaced worries about the long government shutdown. Despite the government reopening, economic data remains in the 'dark,' requiring more time to resolve. This is also part of the reason the stock market has been in a pullback and trying to find its footing." (FXStreet)
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