(New York) Tech stocks wiped out much of their losses on Wall Street on Tuesday, but downward pressure spread to other parts of the stock market, weighing down the broader market.
NASDAQ, which started the session in freefall, ended close to break even, dropping just 0.09% to 4,152.10 points.
Worst session since the end of February
The Dow Jones, on the other hand, plunged 1.36% to 34,270.35 points, recording its worst session since the end of February.
The broader S&P 500 Index lost 0.87% to 4,152.10 points.
Toronto close down
The Toronto Stock Exchange’s S & P / TSX Composite Index fell 87.84 points to end the session with 19,274.04 points.
In the currency market, the Canadian dollar traded at an average of 82.67 cents US, down from 82.68 cents US the previous day.
On the New York Commodity Exchange, the price of crude oil gained 36 cents to US $ 65.28 per barrel, while that of gold fell US $ 1.50 to US $ 1,836.10 l ‘ounce. The price of copper, for its part, advanced 4.6 cents to US $ 4.76 per pound.
The tech retreat is a stain
“The decline in the US stock market has accelerated today as the recent downturn in the information technology sector […] has started to spread to other sectors,” noted experts Charles Schwab.
“Value stocks (whose price depends heavily on the economic situation, editor’s note) were the most lagging behind with significant losses for the energy and industrial sectors and for the banks,” they add. .
On the contrary, US technology pillars like Amazon (+ 1.8%) and Facebook (+ 0.18%) managed to reverse the trend after taking water on Monday and in early trading on Tuesday.
Inflation tomorrow
The eyes of the market are now on the US Department of Labor, which is due to release the Consumer Price Index (CPI) for April on Wednesday and then the Producer Price Index (PPI) on Thursday.
These two indicators will allow investors to take stock of inflation as some economists warn of the risks of overheating with a too rapid restart of activity.
Among the values of the day, Virgin Galactic ended up slightly (+0.95%) after having however sunk in the first part of the session. The space tourism company reported quarterly results lower than analysts’ expectations and said it had not set a date for its next test flight, initially scheduled for May.
Information processor Palantir soared (+ 9.42%) after saying it expected annual revenue growth of 30% or more through 2025.
L Brands fell 1.77%. The owner of Victoria’s Secret announced on Tuesday the separation of his activities into two independent companies, with on one side the iconic lingerie brand, which he finally gave up selling, and on the other the chain of stores Bath & Body Works.
In the bond market, the 10-year yield on US Treasuries rose to 1.6235%, from 1.6020% on Monday night.