Stocks Hit by Tech Rout on Eve of Fed Decision Day: Markets Wrap
- BofA survey shows biggest-ever drop in US stock allocations
- Fed officials widely expected to hold rates steady Wednesday
This article is for subscribers only.
Heavy selling resumed in Wall Street’s largest technology companies, with American shares snapping a two-day rebound amid signs investors are paring exposure in US risk assets. European stocks gained.
One day before a Federal Reserve decision that will be parsed for an assessment on how President Donald Trump’s trade policies are affecting the economy, US equities slid, with megacaps hitting the lowest since September. Nvidia Corp. sank 3.4% despite laying out plans to expand its AI reign with robots and desktop systems. Data showing hot import prices didn’t help market sentiment either. Treasuries edged up after a solid $13 billion sale of 20-year bonds. Gold climbed to a fresh record.