Nasdaq ends sharply lower in tech sell-off
A street sign, Wall Street, is seen outside New York Stock Exchange (NYSE) in New York City, New York, U.S., January 3, 2019. REUTERS/Shannon Stapleton
The Nasdaq ended sharply lower on Tuesday as investors dumped megacap growth stocks to seek shelter in more defensive parts of the market, amid concerns on rising interest rate and uncertainty over an upcoming jobs report.
Highly valued technology-related companies including Microsoft Corp (MSFT.O), Alphabet Inc (GOOGL.O), Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O) and Facebook Inc (FB.O) sold off across the board. The Philadelphia Semiconductor Index (.SOX)also dropped.
Comments by Treasury Secretary Janet Yellen on the potential need for interest rate hikes further exacerbated the tech selloff, as investors worry higher rates would weig ...