Market went downward; NASDAQ slid after tech stocks got pulled to a quagmire

SHEUNG WAN, Hong Kong - Oct. 12, 2021 - PRLog -- NASDAQ was the greatest underperformer, dropping by more than 2% in one session, right after the Treasury yields climbed across the curve. The rate increase spurred investors away from tech and growth stocks, with Amazon dipping in the red for year to date performance and Facebook shredding almost 5%. Both S&P 500 and The Dow also dropped, but more conservatively compared to NASDAQ.

The September selloff is extending its influence on the new month as the concerns that led to the selloff itself persists until now. The decision over the debate to increase the debt limit of the US government has yet to reach a conclusion in the Congress. This was raised by Treasury Secretary Janet Yellen in her hopes to prevent a potential default in the government.

Market movements are as follows:

• The Dow Jones Industrial Average down by 0.94% or 323.54 points and at 34,002.92.
• S&P 500 Index decreased by 1.30% or 56.58 points and currently at 4,300.46.
• NASDAQ Composite Index slid to 14,255.59 after losing 311.21 points or 2.14%.
• Yield on 10 Year Treasury bumped by 1.6 basis points to 1.4810%.
• Gold up by $10.50 or 0.60% and now at $1,768.90 an ounce.
• Crude up by $1.70 or 2.24% and closed at $77.58 per barrel.

There are also the inflation jitters that started over last month, as well as the disruption of supply chains that were highlighted right after the print on US personal consumption expenditure last week, which showed the fastest increase of inflation since 1991.

More economic prints coming in this week will be eyed by investors, especially the monthly jobs report from the Labor Department which is expected to at least increase compared to its previous month. Even with this, many economists are already suggesting that the deceleration has started and growth has slowed which will continue until the end of year.

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