Megacap Tech Knocked Down Amid Wild Stock Swings: Markets Wrap
- Fed seen on track for faster taper despite mixed jobs numbers
- Some U.S. State Department employees targeted by hackers
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In a week marked by vertiginous swings in financial markets, a sharp selloff in huge technology companies dragged down stocks on Friday.
Traders just had a lot to digest over the past few days, from Federal Reserve Chair Jerome Powell’s hawkish tilt to uncertainty about how the omicron coronavirus outbreak could affect the global reopening. A mixed U.S. jobs report did nothing to prevent another bout of intense volatility. The reason is: there’s a perception that the data wouldn’t be a game changer, with policy makers likely to follow through with faster tapering of asset purchases amid elevated inflation.