Cooling job market, slowing manufacturing and tumbling stock market have led to big tech sell-offs
US investors triggered a major sell-off on Wall Street on Thursday set off by fears that the job market is cooling, manufacturing is slowing and thefell nearly 500 points , while the S&P 500 was also down 1.3%. A series of disappointing results from tech companies have led to sell-offs in big tech.Two economic data points released Thursday appeared to spook investors.
“The ISM is really what started the ball rolling today and then selling causes more selling,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. “We’re still in earnings season and there will be positive surprises that will probably drive the market higher and there may be negative surprises as well ... but if you get something negative like ISM, it causes profit-taking.”
Despite Thursday’s stock sell-off, the stock market has still had a relatively strong year, with the S&P 500 andup 14.3% and 16% this year. Both the S&P 500 and Nasdaq registered their biggest daily percentage gains since February in the prior session, boosted by a rally in chip shares after the Fed kept rates steady, as expected.it would keep rates at a two-decades high until September. Investors expected rates would be held steady, and many expect the first cut to come next month.
“If inflation were to prove stickier, and we were seeing higher rates of inflation and disappointing readings, we would weigh that along with other things,” Powell said Wednesday, though he added that the Fed was also focused on the labor market, the other half of the Fed’s “dual-mandate”.
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