U.S. stocks fell sharply on Thursday after Federal Reserve Chair Jerome Powell failed to reassure investors that the central bank would keep surging bond yields and inflation expectations in check.
 | THU, MAR 04, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 120.13 | -1.93 | -1.58% | | MSFT | 226.73 | -0.83 | -0.36% | | INTC | 58.33 | -1.57 | -2.62% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 120.13 | -1.93 | -1.58% | | GE | 13.57 | +0.13 | +0.97% | | BAC | 36.50 | +0.26 | +0.72% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 120.13 | -1.93 | -1.58% | | TSLA | 621.44 | -31.76 | -4.86% | | AMD | 77.75 | -3.11 | -3.85% | |
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Tech stocks once again led the market to the downside on Thursday, bringing the Nasdaq Composite into negative territory for the year. The underperformance for the Nasdaq in recent months comes after a dramatic stretch of outperformance for tech in the middle of last year. Some companies, such as e-commerce names, were well-positioned to grow revenue during the pandemic, while others benefited as the market rebounded and investors piled into growth names.  But value stocks, cyclical sectors and small caps started to catch up at the end of last year, and now tech is falling back to meet them. Rising interest rates have played a role as well, making investors take a closer look at stocks with lofty valuations. "I think that what you're seeing is a recalibration or reassessment of the forward looking growth opportunities and expectations of where investors can expect reasonable growth and a reasonable return on their investment" Rod von Lipsey of UBS Private Wealth Management said on CNBC's "The Exchange." |
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