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The stock market experienced a significant drop yesterday, with the S&P 500 falling by 3.5% and the Nasdaq dropping by 5%. This decline was largely due to concerns about rising inflation and its potential impact on interest rates. Investors are worried that higher inflation could lead the Federal Reserve to raise interest rates sooner than expected, which could dampen economic growth.
Tech stocks were hit particularly hard, with companies like Apple, Amazon, and Microsoft all seeing their shares tumble. Tesla also took a hit, falling by 10%. These tech giants have been some of the best-performing stocks in recent years, but they are now facing challenges as investors reassess their valuations in light of higher inflation.
On the other hand, traditional safe-haven assets like gold and government bonds saw an increase in demand as investors sought to hedge against the volatility in the stock market. Gold prices rose by 2%, while yields on 10-year Treasury bonds fell to 1.60%.
Overall, the stock market remains volatile as investors try to navigate the uncertainty surrounding inflation and interest rates. It is important for investors to stay informed and carefully consider their investment strategies in light of these developments.
