The Nasdaq fell nearly 2% on Tuesday, as Wall Street sold technology stocks, despite strong first quarter financial results from most of the sector and nearly all of the true tech giants. Tuesdays pullback pushed the tech-heavy index roughly 4% off its record highs.
Along with profit-taking, some of the selling was sparked by Janet Yellens comments at The Wall Street Journals CEO Council Summit. Yellen spoke about the possibility that the Fed might have to raise interest rates if the Biden administrations spending plans go forward. The Treasury Secretary later clarified that she doesnt think theres going to be inflationary problems.