Stocks Slump, With Tech Leading Decline; Oil Jumps: Markets Wrap
- Treasuries hold firm after Fed offers reassurance on inflation
- Oil rises after container ship runs aground in Suez Canal
WATCH: Fed Chairman Jerome Powell tells the House Financial Services Committee that prices will rise this year as the Covid-19 pandemic recedes.
Source: BloombergThis article is for subscribers only.
Tech companies led declines in U.S. equities as investors rotated away from the stocks that thrived during the pandemic. Oil jumped after the Suez Canal was blocked by a giant container ship.
Zoom Video Communications Inc., Peloton Interactive Inc. and DocuSign Inc. were among the worst performers on the Nasdaq 100. Energy producers, banks and transportation companies fared better as traders bought up cyclical stocks. The dollar strengthened.