Tue, 17 May 2022

Nasdaq tanks over 4 pct amid wide sell-off

Xinhua
25 Jan 2022, 05:18 GMT+10

© Provided by Xinhua

The Dow Jones Industrial Average index dropped 3.25 percent or 1,115.04 points, the S&P 500 shed 3.99 percent or 175.32 points, and the Nasdaq dived 4.9 percent or 674.27 points at the height of the rout, respectively.

NEW YORK, Jan. 24 (Xinhua) -- The tech-heavy Nasdaq Index lost as much as 4.9 percent around noon on Monday at the height of sell-off in U.S. stock markets.

Deep losses in European stock markets and worse-than-expected economic indicators worsened market sentiment.

The Federal Reserve is scheduled to hold its monetary policy meeting from Tuesday to Wednesday with wide expectation of hawkish signals.

Both Chicago Fed National Activity Index for December 2021 and IHS Markit Flash U.S. Composite PMI for January 2022 saw material deterioration from the previous month.

In particular, U.S. preliminary composite output index fell to 50.8 in January, the lowest level since July 2020, as the Omicron wave exacerbates supply delays and labor shortages.

The Dow Jones Industrial Average index dropped 3.25 percent or 1,115.04 points, the S&P 500 shed 3.99 percent or 175.32 points, and the Nasdaq dived 4.9 percent or 674.27 points at the height of the rout, respectively.

All of the 11 sectors under the S&P 500 Index posted material losses with the technology sector down over 5 percent for some time.

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