Nasdaq falls under pressure from liquidation in big tech

By Noel Randewich and Devik Jain

Jul 15 (Reuters) – The Nasdaq fell on Thursday, dragged down by Apple, Amazon and other big tech companies, as a drop in weekly jobless claims data fueled concerns about a recent surge in inflation.

* Nvidia lost 4.4% and Amazon lost more than 1%, with both companies contributing more than any other to the Nasdaq decline. Facebook fell 0.9%.

* The S&P 500 Tech Industry Index was down 0.8%, snapping a four-day winning streak. This week, a shift into the growth sector pushed the S&P 500 and the Nasdaq to record highs.

* The S&P 500 energy sector index fell 1.4% in line with a drop in crude prices, following expectations of more supply following a compromise agreement between the main OPEC producers.

* The number of Americans filing new claims for unemployment benefits fell last week to a 16-month low, while worker shortages and supply chain bottlenecks have frustrated companies’ efforts to increase employment. production to meet the strong demand for goods and services.

* Federal Reserve Chairman Jerome Powell told lawmakers that he anticipated shortages and high inflation would decrease. However, many investors are still concerned that more sustained inflation could lead to a tightening of monetary policy earlier than expected.

* The Dow Jones Industrial Average rose 0.15% to 34,987.02 units, while the S&P 500 lost 0.33% to 4,360.03 units. The Nasdaq Composite fell 0.7% to 14,543.13 points.

* Morgan Stanley rose 0.2% after beating quarterly earnings expectations, gaining a boost from record investment banking activity even as the trading bonanza that supported results in recent quarters slowed.

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* The second-quarter earnings season started on a strong note, with the nation’s four largest banks, Wells Fargo & Co., Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co., reporting combined earnings of 33,000. millions of dollars.

(Reporting by Noel Randewich, Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru. Edited in Spanish by Manuel Farías)

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