Nasdaq 100 Sheds 2% as Bond Yields Rise Ahead of Powell
- Nvidia briefly hits record before trimming early gains
- Nasdaq 100 heads for worst month of the year in August
This article is for subscribers only.
A rally in Big Tech sputtered as bond yields rose, with traders weighing remarks from a batch of Federal Reserve officials for clues on the outlook for interest rates ahead of Jerome Powell’s speech on Friday.
The Nasdaq 100 Index tumbled 2.2% for its worst day since Aug. 2, with Nvidia Corp. trimming most of an advance that sent the chipmaker to an all-time high following another strong sales forecast. The Philadelphia Semiconductor Index fell 3.4%. The S&P 500 Index slumped 1.4%, after notching a 0.5% jump in the first half hour of trading. All of the 11 industry groups were lower, led by declines in information technology and communication services. The Dow Jones Industrial Average slid 1.1% — its worst drop since early May.