Stocks Slide as RallyFaces Scrutiny; Tech Under Pressure on Growth Fears
• Wall Street stocks slid on speculation that the market rally is overdone and positioned are overextended • Technology stocks came under pressure, with the Nasdaq 100 down 1.5% and stocks like Nvidia, Tesla, and Broadcom falling • A mixed February jobs report revived hopes of a Fed soft landing, with solid job growth but slowing wages allowing for eventual rate cuts • Swap contracts now imply traders expect almost 100 basis points of Fed rate cuts by year-end • Semiconductor stocks may face a correction as supply chain issues ease, per Cathie Wood, adding to pressure on tech names