Mar. 4, 2021
Good evening everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market today (Thursday, March 4, 2021).
All main indexes closed negative today, with the S&P 500 closing down 1.34%, the Dow Jones down 1.11% and the Nasdaq down 2.11%.
Why did the stock market move today?
While answering questions about his view on the recent spike in bond yields, the Federal Reserve chair Jerome Powell did little to reassure investors that yields will be adjusted. Furthermore, he also reaffirmed that the economy is far from full employment which is unlikely to be recovered anytime during the year. As a consequence, stocks from almost all sectors fell today.
Stock of the day
Symbol of high valuation in the tech sector, shares in Tesla (NASDAQ: TSLA) suffered from a serious sell-off today, closing the day down 4.86 % today.
That’s all for this Thursday’s stock market update. Stay tuned to receive your daily update!