Stocks struggle as tech sell-off eclipses commodities surge

Stocks struggled worldwide on Tuesday as a rally in commodity-related assets was eclipsed by a sell-off of tech stocks and investors awaited reassurance from U.S. Federal Reserve Chair Jerome Powell on the path for monetary policy in United States.

stock chartDanilo Masoni for Reuters:

World shares struggled on Tuesday as a rally in commodity-related assets gave in to pressure on heavily weighed tech stocks and investors awaited reassurance from U.S. Federal Reserve Chair Jerome Powell on the path for monetary policy in United States.

Tesla shares were set to plunge into the red for the year, hit by a fall of bitcoin, in which the electric carmaker recently invested $1.5 billion.

After being knocked off from eight-month high by European Central Bank chief Christine Lagarde signaling discomfort with the recent surge in yields, 10-year Bund yields resumed their upward trend and were last at -0.297%… Fed Chair Powell is expected to be equally reassuring on the central bank’s dovish stance when he gives his congressional testimony at 1500 GMT in Washington.

Bitcoin fell as much as 17%, sparking a sell-off across cryptocurrency markets as investors grew nervous at sky-high valuations.

MacDailyNews Take: This too shall pass.

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