Global stocks dropped on Tuesday led by a slide in technology shares, as traders weighed Jay Powell’s nomination for a second term as Federal Reserve chair and the further surge of coronavirus cases across Europe.
The tech-focused Nasdaq Composite index closed 0.5 per cent lower, while Wall Street’s blue-chip S&P 500 index closed 0.2 per cent higher. The share gauges had ended Monday’s session down 1.3 per cent and 0.3 per cent respectively. The FTSE All World index finished lower for a third consecutive day, falling 0.2 per cent.
Since fast-growing tech stocks are often more sensitive to changes in interest rate policy, they have moved dramatically as traders have started to bet on more hawkish policy from the US central bank under Powell.
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