Stocks Drop With Nasdaq 100 Down 20% From Record: Markets Wrap
- White House weighs Biden trip to Europe as Ukraine war rages
- Fed traders move to price in seven standard hikes for 2022
Volatility continued to dominate global markets as investors assessed geopolitical developments, with U.S. stocks failing to hold onto gains that reached 1% earlier in the day. Oil briefly tumbled below $100 a barrel after a recent surge that spurred inflation fears. Treasury 10-year yields hit the highest level since 2019.
A morning rally in equities driven by hopes of a new round of talks between Russia and Ukraine sputtered, with the S&P 500 falling into a “death cross” -- a technical pattern that has at times presaged further weakness. The Nasdaq 100 closed in a bear market for the first time since March 2020 as the tech-heavy gauge extended its slide from a record to more than 20% amid higher bond rates. Apple Inc. slumped after one of its suppliers halted operations at its Shenzhen sites following a Chinese government-imposed lockdown. A gauge of the Asian nation’s stocks listed in the U.S. sank 12%.