Tech Spoils Bank Party as Stocks, Dollar Slide: Markets Wrap
- Equities fall most in seven weeks as tech rout worsens
- Euro, pound push higher on bets for hawkish monetary policy
Why the Selloff in Tech Stocks Is So Significant
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The shift in tone from central banks in Europe and the U.S. continued to drive financial markets, with stocks and bonds selling off and currencies from the euro to the loonie padding gains versus the dollar.
The U.S. technology sector’s woes deepened as renewed selling in the year’s biggest winners sent software and chipmaker shares to the lowest in seven weeks. Investors rotated into banks after the Federal Reserve cleared them to repurchase stocks. The 10-year Treasury note rate topped 2.26 percent, while government debt in Europe sold off faster on hawkish sings from the European Central Bank. The euro hit the highest level in more than a year and sterling rose a seventh day.