Wall Street, tech stocks pull back

The proverb “Buy the dip”, which is often used in the field of cryptocurrencies, also applies to Wall Street and Tech Stocks. Buying has returned after last days dips, although the Nasdaq suffered a fresh setback yesterday.

Recovery in Powell’s words

The words of the Fed chair Jerome Powell also contributed to Wall Street’s recovery. During a Senate hearing in recent days, Powell explained how the Federal Reserve intends to deal with the current economic scenario, expects interest rates to be raised to combat inflation and also announced that tapering would end by March.

in summary, The US economy is nearing a return to normal after the pandemic crisis. Covid-19 is not yet finally defeated like the omicron Variant circulating in the US, which according to Powell will lead to a slowdown in growth but not to a new downturn.

Amazon lost 2%

The performance of tech stocks on Wall Street

As mentioned above, tech stocks on Wall Street were on an upswing that just stalled yesterday. the Nasdaq Composite down 2.51%.

Worst performers included Amazon, which lost 2.4%, Microsoft, which lost 4.2%, and NVIDIA, which fell by more than 5%. Apple, Amazon, Meta, Netflix and Alphabet were there also down.

The markets are waiting for the banks’ quarterly reports

European bourses opened lower today after yesterday’s falls on Wall Street, with Asian bourses also affected. Macroeconomic data also weighed on US stock markets yesterday, including the rise in the Producer Price Index, which rose 9.7%.

Quarterly data is now expected from major US banks. Data from Citigroup, JP Morgan and Wells Fargo will be released today.

In the meantime, US futures are positive after yesterday’s negative close. At around 11:30 GMT, futures on the Dow Jones were up 0.26% to 36,086 points; Futures on the S&P 500 rose 0.21% to 4,662 points, while futures on the Nasdaq rose 0.11% to 15,505 points (data from Lapresse).

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