Forex
US Stocks Plummet on Hawkish Fed Comments and Disappointing Tech Earnings
US stocks declined on Friday due to disappointing tech earnings and hawkish remarks from Fed Chair Kevin Warsh. The Nasdaq Composite Index shed 138.93 points (0.5%) to 26,402.42, while the S&P 500 Index lost 19.23 points (0.3%) to 7,711.76.
The odds of a 25-basis-point rate hike at next month's Fed meeting increased to 57.5% following Warsh's speech, up from 35.4% the day before.
Tech stocks led the decline, with Marvell Technology plummeting 10.3% and PayPal tumbling 12.7% after a $50 billion+ acquisition offer was withdrawn.