Wall Street Shaken by Economic Concerns and Tech Stock Plunge

Global equities faced a significant selloff driven by economic concerns and weak forecasts from major companies like Amazon and Intel. The Nasdaq Composite index dropped by 2.8%, signaling a correction in the tech sector. Experts indicate that market reactions reflect fears of a potential recession amid mixed economic data.

Global equities experienced a significant selloff on Friday, with U.S. Treasury yields hitting multi-month lows due to economic concerns and disappointing forecasts from Amazon and Intel, impacting high-value tech firms.

Recently, the Nasdaq Composite index fell by 2.8%, signaling it is entering a correction phase amid worries about overvalued Big Tech stocks and lackluster employment figures.

Michael Harris, President of Quest Partners in New York, stated, "The Federal Reserve faces challenges balancing price stability and strengthening the labor market. As inflation approaches target levels, rising unemployment becomes a concern, potentially prompting rate cuts."

(With inputs from agencies.)