Nasdaq Pares Early Losses as Apple, Microsoft, Chip Stocks Fall
2022.08.29 18:01
Nasdaq pared earlier losses but shares of Apple, Microsoft and chip companies Advanced Micro Devices and Nvidia were still down.
Apple Inc (NASDAQ:AAPL) shares fell 0.8% after earlier being down more than 1%, while Microsoft Corporation (NASDAQ:MSFT) was down 0.6%. Advanced Micro Devices Inc (NASDAQ:AMD) fell 1.7%, and NVIDIA Corporation (NASDAQ:NVDA) was down 1.2%.
Tech stocks are weaker after Federal Reserve Chair Jerome Powell said the central bank would do whatever it took to tame inflation, even at the risk of a recession. Rising interest rates hit growth stocks like tech.
The yield on the two-year Treasury, which is sensitive to rate expectations, briefly reached a multi-year high, and the gap between it and the 10-year yield was inverted, which can be viewed as a predictor of a recession.
Apple fell more than 3% on Friday.
