Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Indexes  >  Nasdaq  >  NASDAQ Comp.    COMP   XC0009694271

NASDAQ COMP.

(COMP)
SummaryQuotesChartsNewsHeatmapComponents 
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

Tech Down, But Pares Losses After Powell Testimony -- Tech Roundup

02/23/2021 | 05:27pm EST

Shares of technology companies plummeted at the open but pared losses later in the session after Federal Reserve Chairman Jerome Powell indicated the central bank would maintain extraordinary levels of monetary stimulus near current levels.

The Nasdaq Composite was down roughly 3% at one stage before Mr. Powell reassured markets that the central bank was not concerned about inflation or considering any changes to its highly accommodative policy.

The price of cryptocurrencies, including that of the largest, bitcoin, fell as speculative fervor cooled. Bitcoin had shot over $57,000 at its peak less than a week ago and now trades around $47,000. Even at that level, the digital currency has roughly quadrupled in the space of six months as institutional investors buy into the trend.

Shares of electric-car maker Tesla, which has made a substantial bet on bitcoin, tumbled at the open, losing roughly 10% of their value at one stage and dropping below the level at which the stock traded when it was added to the Standard & Poor's 500, before rebounding late in the session. Analysts at one brokerage said "The market narrative remains one of stocks moving modestly higher based on high hopes of a quick post-pandemic recovery, another round of fiscal stimulus, and supportive monetary policy by the Fed," said analysts at Piper Sandler, in a note to clients.

Device and software sales are expected to drive government information-technology spending up by 5.1% this year, according to research firm Gartner.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

02-23-21 1726ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.85% 31496.3 Delayed Quote.2.91%
NASDAQ 100 1.64% 12668.511046 Delayed Quote.-1.59%
NASDAQ COMP. 1.55% 12920.147675 Delayed Quote.-1.28%
S&P 500 1.95% 3841.94 Delayed Quote.2.29%
All news about NASDAQ COMP.
01:28aOURGAME INTERNATIONAL  : Shares Slide 7% as Nasdaq-listed Esports Unit Receives ..
MT
01:19aGAME OF DRONES : Chinese giant DJI hit by U.S. tensions, staff defections
RE
03/07Shares falter as tech skids, yields and oil ring inflation alarm
RE
03/07U.S. crowd-safety firm Evolv to go public in $1.7 bln SPAC deal
RE
03/07ASTRAZENECA  : Oxford Covid-19 Vaccine Startup in Conflict with University Ahead..
DJ
03/07Wall St Week Ahead-Investors weigh how far tech stocks can slide after volati..
RE
03/05WALL STREET WEEKAHEAD : Investors weigh how far tech stocks can slide after vola..
RE
03/05Tech leads market rebound; hiring surges
RE
03/05Tech Edges Higher Amid Sector Rotation - Tech Roundup
DJ
03/05WALL STREET STOCK EXCHANGE : S&P 500 Ends Week With Gain After Wild Friday--Upda..
DJ
More news
Chart NASDAQ COMP.
Duration : Period :
NASDAQ Comp. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends NASDAQ COMP.
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Heatmap :