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,…