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Nasdaq 100 Tumbles 2.5% as Technology Rout Deepens: Markets Wrap

  • Supreme Court blocks Biden’s shot-or-test rule for workers
  • Brainard signals she’s open to raising interest rates in March
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Has the Buck Stopped Here?Source: Bloomberg
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The selloff in technology companies most sensitive to higher rates resumed Thursday, sending the Nasdaq 100 to its lowest level since October as a raft of Federal Reserve officials signaled their intention to combat inflation aggressively. Treasuries rose after last week’s violent rout.

Traders also assessed news that a divided Supreme Court blocked the centerpiece of President Joe Biden’s push to get more people vaccinated, rejecting a rule that would have required 80 million workers to get shots or periodic tests. The Nasdaq 100 sank more than 2.5%, trading below its average price of the past 100 days. Chipmakers erased gains that were earlier driven by Taiwan Semiconductor Manufacturing Co.’s growth projections. Boeing Co. rallied as Bloomberg News reported the 737 Max is set to resume commercial flights in China as soon as this month.