{"id":108683,"date":"2021-03-04T19:59:19","date_gmt":"2021-03-04T19:59:19","guid":{"rendered":"https:\/\/fin2me.com\/?p=108683"},"modified":"2021-03-04T19:59:19","modified_gmt":"2021-03-04T19:59:19","slug":"stocks-sink-as-feds-powell-warns-of-patience-if-inflation-returns","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/stocks-sink-as-feds-powell-warns-of-patience-if-inflation-returns\/","title":{"rendered":"Stocks sink as Fed's Powell warns of patience if inflation returns"},"content":{"rendered":"

Economist says US could see 10% growth in 2021<\/h2>\n

Renaissance Macro Research Economics head Neil Dutta explains the data behind his optimistic expectations for the U.S. economy. <\/p>\n

U.S. equity markets slid back into negative territory Thursday afternoon in a sharp selloff following a speech from Federal Reserve Chairman Jerome Powell that said the central bank would be patient in taking action should inflation return.<\/p>\n\n\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
I:DJI<\/td>\nDOW JONES AVERAGES<\/td>\n30940.15<\/td>\n-329.94<\/td>\n-1.06%<\/td>\n<\/tr>\n
SP500<\/td>\nS&P 500<\/td>\n3777.11<\/td>\n-42.61<\/td>\n-1.12%<\/td>\n<\/tr>\n
I:COMP<\/td>\nNASDAQ COMPOSITE INDEX<\/td>\n12781.374443<\/td>\n-216.38<\/td>\n-1.66%<\/td>\n<\/tr>\n
Powered by<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The Dow Jones Industrial Average fell over 400 points, or 1.2%, while the S&P 500 and the Nasdaq Composite weaker by 1.4% and 2%, respectively. The selling has pushed the tech-heavy Nasdaq into negative territory for the year.<\/p>\n

FED CHAIR POWELL TALKS INFLATION, RATE HIKES: HIGHLIGHTS<\/strong><\/p>\n

Equity markets, especially the Nasdaq, have seen heightened volatility in recent weeks as inflation fears have run the 10-year yield above 1.5%, the level of the S&P 500’s dividend yield. The benchmark yield was up 6 basis points at 1.54% on Thursday. Last week, the yield touched a one-year high of 1.61%.<\/p>\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
USO<\/td>\nUNITED STATES OIL FUND L.P.<\/td>\n42.98<\/td>\n+1.84<\/td>\n+4.47%<\/td>\n<\/tr>\n
Powered by<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Oil spiked with West Texas Intermediate crude oil spiking $3.02 to $64.30 per barrel as OPEC leaders and their allies reviewed supply cuts.<\/p>\n

Looking at stocks, mega-cap technology companies, including Apple Inc., Microsoft Corp. and Amazon Inc., which as growth stocks are particularly sensitive to higher bond yields, remained in focus.<\/p>\n\n\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
AAPL<\/td>\nAPPLE, INC.<\/td>\n120.68<\/td>\n-1.38<\/td>\n-1.13%<\/td>\n<\/tr>\n
MSFT<\/td>\nMICROSOFT CORP.<\/td>\n227.51<\/td>\n-0.05<\/td>\n-0.02%<\/td>\n<\/tr>\n
AMZN<\/td>\nAMAZON.COM, INC.<\/td>\n3,006.98<\/td>\n+1.98<\/td>\n+0.07%<\/td>\n<\/tr>\n
Powered by<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Elsewhere, Snap Inc. CEO Evan Spiegel said his company’s forecast to deliver 50% annual revenue growth for several years takes is without adding users or engagement growth. The company expects to grow average revenue per user through developing augmented reality products and adding media content.<\/p>\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
SNAP<\/td>\nSNAP, INC.<\/td>\n58.02<\/td>\n-2.00<\/td>\n-3.32%<\/td>\n<\/tr>\n
Powered by<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

PORTNOY BACKS VAN ECK SOCIAL MEDIA ETF 'BUZZ'<\/strong><\/p>\n

In mergers and acquisitions, identity and access management company Okta Inc. agreed to acquire rival Auth0 in a $6.5 billion all-stock deal. Auth0 last raised money in July – at a $1.92 billion valuation.<\/p>\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
OKTA<\/td>\nOKTA, INC.<\/td>\n229.94<\/td>\n-11.28<\/td>\n-4.68%<\/td>\n<\/tr>\n
Powered by<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Meanwhile, Jack Dorsey's Square is taking a majority $297 million stake in Jay-Z's streaming service, Tidal, and the rapper will join the board.<\/p>\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
SQ<\/td>\nSQUARE INC COM<\/td>\n219.56<\/td>\n-14.33<\/td>\n-6.13%<\/td>\n<\/tr>\n
Powered by<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

In earnings, chipmaker Marvell Technology Group Ltd. posted quarterly revenue that exceeded Wall Street estimates, but warned supplies could be tight into 2022.<\/p>\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
MRVL<\/td>\nMARVELL TECHNOLOGY GROUP LTD.<\/td>\n41.04<\/td>\n-4.52<\/td>\n-9.92%<\/td>\n<\/tr>\n
Powered by<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

BJ Wholesale Club Holdings Inc. reported quarterly profit surged 129% from a year ago, but declined to provide a financial outlook due to uncertainty from the pandemic and government stimulus checks. Costco will report results after the close of trading.<\/p>\n\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
BJ<\/td>\nBJS WHSL CLUB HLDGS INC<\/td>\n38.04<\/td>\n-0.66<\/td>\n-1.69%<\/td>\n<\/tr>\n
COST<\/td>\nCOSTCO WHOLESALE CORP.<\/td>\n317.92<\/td>\n-6.00<\/td>\n-1.85%<\/td>\n<\/tr>\n
Powered by<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

In other commodities, gold, meanwhile, slipped $10.30 to $1,705.50 an ounce.<\/p>\n

READ MORE ON FOX BUSINESS BY CLICKING HERE <\/strong><\/p>\n

Overseas markets traded mostly lower.<\/p>\n

Britain’s FTSE 100 paced the decline in Europe, down 0.37% while Germany’s DAX 30 slipped 0.17%. France’s CAC 40 edged up 0.01%.<\/p>\n

In Asia, Hong Kong’s Hang Seng index lost 2.15%, Japan’s Nikkei 225 fell 2.13% and China’s Shanghai Composite fell 2.05%. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Economist says US could see 10% growth in 2021 Renaissance Macro Research Economics head Neil Dutta explains the data behind his optimistic expectations for the […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nStocks sink as Fed's Powell warns of patience if inflation returns - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/stocks-sink-as-feds-powell-warns-of-patience-if-inflation-returns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stocks sink as Fed's Powell warns of patience if inflation returns - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Economist says US could see 10% growth in 2021 Renaissance Macro Research Economics head Neil Dutta explains the data behind his optimistic expectations for the [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/stocks-sink-as-feds-powell-warns-of-patience-if-inflation-returns\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-04T19:59:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2018\/07\/hlEkZEkoAFOdOleNHWuK.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/stocks-sink-as-feds-powell-warns-of-patience-if-inflation-returns\/\",\"url\":\"https:\/\/fin2me.com\/markets\/stocks-sink-as-feds-powell-warns-of-patience-if-inflation-returns\/\",\"name\":\"Stocks sink as Fed's Powell warns of patience if inflation returns - 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