Tech, Once Again, Weighs on Stocks as Dollar Jumps: Markets Wrap
- Nasdaq 100 is heading toward a monthly loss of almost 6%
- Greenback, Treasuries supported by faster-than-forecast growth
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Megacap tech shares slumped again Wednesday as pessimism about the sector showed few signs of letting up. The dollar jumped while Treasury yields held below 2.8 percent as data showed American economic growth beat estimates.
Volatility measures spiked as the Nasdaq 100 Index fell, with Netflix Inc. and Amazon.com Inc. among the biggest losers. The gauge is heading for its worst month in two years. The S&P 500 Index edged lower, hovering just above its average price for the past 200 days -- a level that’s set a line in the sand in the selloffs last week and in early February.