Big tech extend losses on valuation concerns

US tech stocks are extending losses for a second day on valuation concerns. Fed Chair Powell has calmed the sell off as he testifies before Congress.

Downtrend 2

 

The Nasdaq is selling off for a second straight session amid concerns that rising interest rates could derail the tech growth stock rally.

After dropping -2.5% the Nasdaq trades-1% lower with losses in Tesla, Apple, Amazon and Zoom. However the Nasdaq has rebounded from session lows of -3% declines.

Fed Chair Powell committed to an accommodative stance easing concerns of rising interest rates at least for now.

Investors had been assessing how much further the tech rally could go in the case of rising interest rates.

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