Tech Sell-Off Drives Stock Market Decline Amid Interest Rate Cut Speculations
Stocks tumbled from record highs as investors shifted away from tech giants like Tesla, Nvidia, Apple, Microsoft, and Alphabet, pushing the Nasdaq down by almost 2%. The S&P 500 also dipped by 0.9% amidst concerns over rising inflation and a potential interest rate cut by the Federal Reserve.
This rotation out of Big Tech towards smaller companies was fueled by an unexpected drop in the Consumer Price Index, prompting speculation of a rate cut as early as September. Despite record highs in the S&P 500 and Nasdaq in recent weeks, both bitcoin and U.S. stocks experienced significant declines, indicating a potential broader market correction affecting crypto prices.
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