Nasdaq Drops 3% Intraday... US Stock Market Decline Deepens (Update)

[Asia Economy New York=Correspondent Baek Jong-min] In the U.S. New York stock market, the Nasdaq plunged by as much as 3%, intensifying the weakness in tech stocks due to inflation concerns.

[Image source=Reuters Yonhap News]

On the 23rd (local time), the Nasdaq index fell by 3.2% around 9:45 a.m., approaching a break below the 13,000 level. The intraday low was 13,003.

As of 10 a.m., the Nasdaq index was down 2.71%, standing at 13,165.84.

Although the rise in U.S. Treasury yields slowed on the day, the increase in interest rates due to inflation concerns continues to weigh on the stock market. The 10-year U.S. Treasury yield was recorded at 1.374% on the day.

Tesla's stock price dropped by 7.5%, and Apple also showed a sharp decline of 3.5%.

On the day, the Dow Jones Industrial Average, which had risen in the previous trading session, also fell by 1%, showing that the weakness originating from Nasdaq is spreading across the entire market.

The movie chain AMC, which had shown strength the day before due to news of New York City theater reopening approval, continued to rise by 8% on the day.

The market is paying close attention to what Federal Reserve Chairman Jerome Powell will say about inflation during his testimony to Congress on the day.