Dollar Soars as Techs Tumble

Monday, stocks fell 2.6% in Asia and 1.8% in Europe but closed unchanged in the U.S. on 13B shares traded. The 10-Year U.S. Treasury bond yield declined 3% to close at 2.83. Precious metals declined 2% while their miners fell 3%. The Dow Jones Industrial Average closed above 34,000, and the NASDAQ ended above its 13,000 benchmark. 

Tuesday, stocks gained 0.3% in Asia but lost 0.9% in Europe and 2.3% in the U.S. on 13B shares traded. The VIX shot up 24% to close at 33.52. The 10-Year U.S. Treasury bond yield declined 2% to close at 2.77. Precious metals miners fell 2%. The Dow, NASDAQ, S&P 500, and NYSE indices closed below their 34,000, 13,000, 4200, and 16,000 benchmarks respectively. Apple closed below the 160 level. 

Wednesday, stocks fell 1.2% in Asia but rose 0.8% in Europe, and 0.3% in the U.S. on 13B shares traded. The VIX declined 6% to close at 31.60. The 10-Year U.S. Treasury bond yield moved up 2% to close at 2.82. Precious metals closed off 1%.
 
Thursday, stocks gained 0.9% in Asia, 0.7% in Europe, and 1.9% in the U.S. on 13B shares traded. The VIX moved up 5% to close at 29.99. The 10-Year U.S. Treasury bond yield moved up 2% to close at 2.86. Precious metals miners gained 2%.The S&P 500 and NYSE indices closed above their 4200, and 16,000 respective benchmarks. Apple closed above the 160 level.
 
Friday, stocks shot up 2.8% in Asia and rose 0.7% in Europe but fell 2.6% in the U.S. on 13B shares traded. The VIX rose 11% to close at 33.40. The Dow, NASDAQ, S&P 500, and NYSE indices closed below their 33,000, 13,000, 4200, and 16,000 benchmarks respectively. Apple closed below the 160 level.

It was a tough week especially for tech stocks. Amazon stock was punished after an earnings report that disappointed. Apple and Google followed suit to a lesser degree. As the dollar index strengthened to multi-decade highs, the S&P 500 Index slipped into correction zone and the NASDAQ plummeted into bear market territory.

 

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