Powell Laid the Blueprint for Tech’s Eventual Wreck With QE Punt
- Nasdaq 100 slumps as much as 2.8%, extends September slide
- Spike in inflation and yields could unravel bets on tech
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Big tech’s market-leading days might be numbered thanks to Federal Reserve Chairman Jerome Powell.
The Nasdaq 100 sank as much as 2.8% on Thursday, dragged down by a slump in the megacap technology stocks that have powered this year’s rebound. The slide came after Fed policy makers pledged to keep interest rates low until inflation averages over 2%, while failing to give any fresh details on the central bank’s bond-buying plans.