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Home Markets

Bears flood the US stock market as tech stocks take a hit

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
July 16, 2021
in Markets, Stock Market
Growing uncertainties plunge stock markets

stock market

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The stock market finished largely low on Thursday, with technology, growth and small-cap firms taking blows. The Nasdaq composite is currently testing support, while many major equities are experiencing their own problems.

In the face of uncomfortably high inflation, the US Federal Reserve Chair, Jerome Powell defended the central bank’s stance to keep providing support to the U.S. economy even as inflation runs at uncomfortable levels. Officials predict a temporary spike in pricing pressures when the economy reopens following the epidemic, but some fear more persistent inflation, which may harm economic prospects. The 10-year Treasury yield is expected to drop for the third week in a row.

Global stock markets are approaching record highs, but they are vulnerable to dangers such as Fed bond purchases tapering, Covid-19 delta-variant outbreaks, and signals of slowing economic and corporate profits growth.

Another important concern is whether the bottlenecks that are causing inflation will result in long-term pricing pressures and a more restricted monetary policy environment.

Quick market analysis

The major market indices are beginning to cool after reaching new highs in recent days. The Nasdaq is currently challenging its exponential 21-day moving average after falling 0.7%. A breach below that level would indicate that additional selling is on the way.

In active trading, Nvidia (NVDA), the seventh largest Nasdaq component, fell more than 4%. Biogen (BIIB) fell almost 7% on news that two large hospitals are refusing to utilize Biogen’s controversial Aduhelm Alzheimer’s medication unless doubts about it are resolved. This was Biogen’s biggest loss since November 9, when it fell 28%. According to Dow Jones Market Data, it was the second-worst performer in the S&P 500 and has the worst decline in the Nasdaq 100 as of late Thursday.

The S&P 500 index dropped 0.3%. According to unverified data, volume on the NYSE and Nasdaq was higher.

The Dow Jones Industrial Average increased by 0.2%. The Dow’s most notable movement, however, was in falling stocks. Walgreens Boots Alliance (WBA) is now trading below its 200-day moving average. Chevron (CVX) dropped to its lowest level since April. Apple (AAPL) reverted to a lower price.

Bond prices soared while stock values declined. The 10-year Treasury note’s yield, which swings in the opposite direction of its price, decreased 6 base points to 1.29%.

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Tags: Dow Jones Industrial Averageglobal stock marketsNasdaqS&P 500 IndexU.S stock market

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