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S&P 500 Falls Below 5,100 Amid Major Tech Stock Sell-off

Posted on April 16, 2024
Writer: James Miller

U.S. stocks slid on Monday as surging bond yields, sparked by stronger-than-expected retail sales, heightened concerns that the Federal Reserve may keep interest rates high for longer. 

The S&P 500 and the tech-heavy Nasdaq retreated, dragged down by major tech companies like Microsoft, Apple, and Nvidia.

Amid rising market volatility, the VIX—Wall Street’s “fear gauge”—soared to its highest level this year, reflecting growing investor unease. As bond yields climbed, with 10-year U.S. Treasury notes hitting 4.62%, investors braced for prolonged high inflation due to robust consumer spending.

In commodities, oil prices saw volatile trading due to geopolitical tensions, while gold prices surged, with spot gold climbing 1.7% to $2,385.37 an ounce, indicating a flight to safety among investors wary of escalating market risks and inflation concerns.

For more information, read the full article on Bloomberg.

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