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Stock market news live updates: Nasdaq drops 2.6% in worst session since March as tech stocks sell off

by capitalizefinancial
May 11, 2021
in Markets
0
Stock market news live updates: Nasdaq drops 2.6% in worst session since March as tech stocks sell off

Stocks fell on Monday, with technology stocks under more pressure as investors weighed the risks that higher inflation during the pandemic recovery might drag on high-growth names.

The Dow erased earlier gains to end lower, after the index set an intraday record of more than 35,000 during the session. The Nasdaq sank by 2.6% for its worst day since March, and the S&P 500 also ended lower.

Treasury yields were slightly higher across the long end of the curve, with the benchmark 10-year yield hovering below 1.6%. West Texas Intermediate crude oil prices (CL=F) and gasoline futures (RB=F) gained after the Colonial Pipeline, a top U.S. fuel pipeline operator, temporarily cut off its fuel lines after a cyberattack.

Elsewhere, Ether (ETH-USD), the token built on the Ethereum blockchain, set an all-time high of more than $4,000 before paring advances, giving back some gains after a rally that doubled prices for the second-largest cryptocurrency since the beginning of April. Bitcoin (BTC-USD) prices fell, dipping below $56,000.

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