U.S. Stocks Resume Selloff With Tech Battered Anew: Markets Wrap
A fresh selloff in megacap technology shares sent stocks to the fourth loss in five days as investors remain worried that valuations got stretched too far in a five-month rally. Treasuries rose with the dollar.
The S&P 500 dropped as much as 2.1%. Volatility has been even more prevalent in the Nasdaq 100, where close-to-close runs have been at least 1% for seven sessions. Energy companies, a small cohort in major averages, plunged as crude dropped back toward $37 a barrel in New York. Treasuries reversed losses as the equity decline picked up speed. Gold turned lower, while copper tumbled. The dollar strengthened versus major peers.
Asian stocks looked set to drop after a fresh selloff in megacap technology shares sent U.S. equities to their fourth loss in five days. Treasuries rose with the dollar. Futures pointed lower in Japan and Australia, though were little changed in Hong Kong. In a topsy-turvy U.S. session, the Nasdaq lost more than 2% on continuing concerns that valuations got stretched too far in a five-month rally. Energy companies plunged as crude dropped back toward $37 a barrel in New York. Treasuries reversed losses as the equity decline picked up speed. Gold turned lower, while copper tumbled.
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