Dow set to confirm correction territory; oil stocks jump as crude tops $100/barrel
The formation occurred in June 2000 when the dot-com bubble burst and again in January 2008 ahead of the global financial crisis
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But the dollar was still down 1.7% on the week, on pace for its largest weekly percentage decline since November 2020.
Among the Sensex pack, SBI was the biggest loser as it dropped over 2 per cent. M&M, NTPC, Kotak Bank, Bajaj Finserv, HDFC, Power Grid, and RIL were the other losers, all down between 1-1.8 per cent
By Roslan Khasawneh
Many market participants hoped that earnings from the big, tech-focused stocks that have led markets for years would lend equities a modicum of support after January's sharp declines
The economy grew 5.7% in 2021, the strongest since 1984. It contracted 3.4% in 2020, the biggest drop in 74 years
U.S. S&P futures jumped 1.34%, indicating a stronger open on Wall Street, after the S&P 500 index lost 1.22% in the previous session.
Treasury yields have risen in anticipation of tighter policy, with those on the benchmark 10-year Treasury up 40 basis points from recent lows.
The Nasdaq 100 tumbled 7.5% this week as what started as an aggressive selloff in speculative corners spread to the rest of the market.
Each of the region's major markets, apart from some Chinese indexes, gave up their earlier gains.
US stocks bounced and Treasury yields retreated in choppy trade as investors absorbed remarks from the Federal Reserve that interest rates are likely to rise this year
Tesla charges ahead on better-than-expected deliveries; banks gain as Treasury yields rally on rate hike hopes
Worries over surging inflation and a new variant of the coronavirus are roiling the US corporate junk bond market
All three indexes breach key technical levels; Salesforce falls on disappointing profit forecast
The S&P 500 is down 1.4% in early trading, heading for its worst fall since late September
The firm missed predictions for big clients last quarter as well
The dollar rose to a 16-month high on Tuesday after data showed US consumers looked past rising prices and drove retail sales higher than expected last month
Bears, driven almost into extinction amid the relentless equity rally and January's retail-fomented short squeeze, are staging a comeback