S&P 500 Falls 1.4% as Tech Selloff Weighs on Global Markets

💡 The S&P 500 sank 1.4% on Thursday as a tech selloff and inflation concerns weighed on global markets.

The S&P 500 sank 1.4% on Thursday as a tech selloff and inflation concerns weighed on global markets.

The Dow Jones Industrial Average fell 0.8% to 14,600, while the Nasdaq Composite dropped 2.1% to 12,200.

Global Markets React to Tech Selloff

The tech-heavy Nasdaq Composite led the decline, with $NVDA plummeting 4.5% and $AAPL falling 2.2%. The selloff was triggered by a downgrade from Goldman Sachs to a sell rating.

Inflation Concerns Rise

Meanwhile, inflation concerns rose as the PCE price index jumped 6.1% year-over-year in March, exceeding expectations. The Federal Reserve has been closely monitoring inflation data, and a hawkish tone from Powell may indicate higher interest rates for longer.

Markets Await Economic Data

The market will be watching closely for GDP growth data due out Friday, which is expected to show a modest increase. However, the tech selloff and inflation concerns may overshadow any positive economic news.

What It Means for Investors