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Nasdaq in sharp reversal as Powell re-appointed

Fawad Razaqzada Fawad Razaqzada 22/11/2021
Nasdaq in sharp reversal as Powell re-appointed Nasdaq in sharp reversal as Powell re-appointed
Nasdaq in sharp reversal as Powell re-appointed Fawad Razaqzada
Moments after hitting a record high, the Nasdaq fell sharply off its highs to turn flat at the time of writing. The sudden drop may be a sign the market has reached at least a near-term top, which wouldn’t come as a shock given how high technology valuations are right now. Jerome Powell’s re-appointment as the Fed’s Chair means Biden has chosen the slightly more hawkish central bank out of the two candidates. If Powell presses ahead with tapering QE as planned, or accelerates the withdrawal of stimulus, then tech shares could drop sharply. This is because technology and other growth stocks carry lower yields relative to for example value stocks. With the Fed reducing it purchases of Treasurys, this would likely underpin their yields as the market front runs the central bank. Rising yields on benchmark government bonds would make them more appeal to yield-seeking investors, than overvalued technology stocks. Thus, a correction is imminent, and today’s reversal could be the trigger many bears were waiting for…

NasdaqSource: ThinkMarkets and TradingView.com
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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