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Nasdaq dipped by roughly 2.6%, which threatens the index 'long-term earnings. Tesla and Apple were among those that fell strongly.
S&P 500 also declined, but by only 1%. Nevertheless, yesterday's loss was the largest it had since March 18.
As for Dow Jones, it exceeded 35,000 for the first time, albeit for a short period only
Unsurprisingly, Treasury yields also increased, all because traders are preparing for a busy week.
"With these new highs, remember that the market is not moving in just one direction," commented Chris Larkin, managing director at E-Trade Financial. He added: "Weak employment data could temporarily ease fears of very high inflation and the need to raise interest rates to combat it."
Commodities, such as copper, also rose to a record high yesterday. Iron ore futures even gained more than 10%, further fueling concerns about inflation.
But what the markets are truly waiting for is the report on US CPI on Wednesday, which is expected to show increased price pressures last April. The data will be closely watched by Fed officials as it would indicate if economic recovery is as vigorous as projected.
Keith Lerner, chief market strategist at Truist Advisory Services, said: "People gravitate towards value. There is growth outside of technology because inflation expectations continue to rise."
In the meantime, market players should pay attention to these events this week:
May 11:
- statements from Fed members, including Lael Brainard;
- inflation report in China;
- monthly report of OPEC, which includes demand forecasts and production estimates.
May 12:
- report on US CPI, which is projected to show increased prices for April;
- statements from the Bank of England.
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