NASDAQ Drops 2.8%

The Nasdaq, a proxy for technology and growth stocks, underperformed against the other two major stock indexes, dropping more than 2.8% by market close in its worst day since March.  

A new disappointing report on consumer confidence in September added to the risk-off mood in markets 

The prospect of higher energy prices, fueling inflation, and rises in bond yields that appear to be pre-empting tighter monetary policy by central banks, have prompted widespread selling across global stock markets. 

Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen testified before the Senate Banking Committee Tuesday morning about the Fed and Treasury’s responses to the pandemic. In prepared remarks, Yellen addressed the ongoing debt ceiling debate, reiterating her concern over the negative implications to the U.S. economy, should lawmakers fail to act. 

“It is imperative that Congress swiftly addresses the debt limit. If it does not, America would default for the first time in history,” Yellen said in the remarks. “The full faith and credit of the United States would be impaired, and our country would likely face a financial crisis and economic recession.” 

For investors, the plethora of overlapping debates in Washington could be a near-term source of more market choppiness and an opportunity to trade! 

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