Treasury Secretary Janet Yellen rattled markets with a comment economists regarded as self evident — that rates will likely rise as government spending ramps up and the economy responds with faster growth.
The debate on whether government spending could boost inflation comes at a time when stock valuations are hovering near the highest levels in two decades.
“We’ve had this spectacular run-up, and I think we’ve seen momentum just run out of steam,” said Fiona Cincotta, senior financial markets analyst at City Index.
Earlier Tuesday, a sharp drop in equity futures left traders scrambling for an explanation.
Investors also monitored the latest economic readings, with the U.S.
The Nasdaq tumbled more than 2% on Tuesday as steep declines in megacap growth stocks pushed Wall Street below record trading levels, with investors seeking shelter in more defensive parts of the market.
Online pharmacies Shop Apotheke Europe NV and Zur Rose Group AG also declined.Pandemic Winners Fall Amid Travel Plans, Post-Earnings Drops “We’re at really high levels, and we need more than just good wording from the companies to go further,” Guillermo Hernandez Sampere, head of trading at MPPM EK in Eppstein, Germany, said in an interview.
The financial regulations require hedge funds and wealthy investors that exceeded the $100 million holdings threshold to file a report that shows their positions at the end of every quarter.
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Bitcoin mining alone may account for annualized emissions of carbon dioxide comparable to that of Sweden, according to an estimate by Digiconomist.Read More: Crypto Holders Say It’s Hurt Their Personal RelationshipsNot only are Iris’ power suppliers using renewables, the company has agreements with them to scale back mining and divert power into regional grids at peak demand times, Roberts said.“We can sit here today and say clothes dryers and Christmas lights are a waste of energy, but ultimately the market decides where energy should be diverted and it is choosing Bitcoin,” Roberts said.
Facebook’s WhatsApp messaging service relaunched on Tuesday its transfer money services between individuals in Brazil, after it was blocked by the central bank nearly one year ago, Chief Executive Mark Zuckerberg said in a Tuesday video.