The sell-off in US tech stocks intensified, and thwarted expectations of interest rate cuts exacerbated market panic.
on Friday during the U.S. trading session, the sell-off in the U.S. stock market led by technology stocks deepened, with major benchmark indices breaking support levels as concerns grew that the Federal Reserve might not cut interest rates at the next meeting. The S&P 500 index opened 0.8% lower on Friday, continuing the tech-led plunge and falling below the 50-day moving average. The sell-off in tech stocks also dragged down the Nasdaq 100 index, which opened down 1%. The blue-chip Dow Jones Industrial Average fell 1.1%. The Chicago Board Options Exchange Volatility Index climbed above 22. Brian Jacobsen, Chief Economic Strategist at Annex Wealth, said: "The market always has something to worry about. Currently, concerns about the Federal Reserve pausing action in December have replaced worries about a prolonged government shutdown. Although the government has reopened, economic data remains in a 'dark' state, which will take more time to resolve. This is also part of the reason why the stock market has been pulling back and trying to find its footing."
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