Yellen causes serious damage to Nasdaq; Dow cleans up loss | Financial

The leading Dow Jones index ends 0.1% higher at 34,135 points and the broad S&P 500 drops 0.7% to 4165 points. Tech gauge Nasdaq lost 1.9% to 13,633 points.

A speech by the US Secretary of the Treasury, Janet Yellen, had a negative effect on tech funds. She stressed that in order to avoid ‘overheating’ the US economy, current low interest rates may need to be raised slightly.

Apple drops 3.8%. On the second day of the lawsuit between the tech group and Fortnite maker Epic Games, the attorney for the maker of the iPhones tried to overturn Epic’s antitrust claim. Instead of operating as a monopolist, Apple would have given video gamers freedom of choice because they could play on different platforms, or so it was said.

Other major tech funds also turned red. Amazon loses 2.3%, while Alphabet has to give up 1.5%.

Pfizer plus 0.2% after a busy start. The vaccine maker expects to make as much as $ 26 billion this year from the sale of the corona vaccine that the company has marketed with biotech company BioNTech.n Along with the additional vaccine sales, the company says research and development costs are also increasing. Partner BioNTech suffered a loss of 15.3%.

Sportswear brand Under Armor also gave a look at the books. The company saw demand recover and has therefore raised its expectations. Still, the share is put 1% lower by investors. Healthcare concern CVS Health also came up with a better prognosis and won almost 3 percent on the stock market.

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