October 20, 2021

Nasdaq 100 Extends Selloff Into Fifth Straight Day: Markets Wrap

(Bloomberg) — Technology companies weighed heavily on the equity market, while traders assessed data showing faster-than-estimated inflation against prospects for an economic rebound.

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The tech-heavy Nasdaq 100 dropped for a fifth straight day, while energy and financial firms outperformed. The benchmark gauge of U.S. equities headed toward its biggest weekly slide since October 2020. Vaccine makers dragged down the health-care sector after Merck & Co.’s experimental pill slashed the risk of getting seriously ill or dying from Covid-19 in a study. The dollar fell, while Bitcoin surged.

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A measure of American manufacturing expanded at the fastest pace in four months, bolstered by robust demand for factory goods and burgeoning inventory. U.S. consumer sentiment edged higher in late September,…

Read full article here: finance.yahoo.com