Tech rout extends to Asia. Hang Seng Tech Index nears 20% drop from recent peak.
Archives of “March 4, 2021” day
rssThe US issues an emergency warning on Microsoft email software
The hack attack on Msoft has been in the news for a few days, now an official US government alert issued.
- Microsoft says that a sophisticated group of hackers linked to China has exploited its popular email service that allowed them to gain access to computers.
There are plenty of other sources of the news, like I said, this has been about for a few days.
Obviously this is not FX but something to be aware of regardless, especially if you may be vulnerable.
Buffet indicator: Justification only if planet earth secures a trade deal with an extraterrestrial planet.
Its a big day coming up Thursday – Federal Reserve Chair Powell speaking
After a more or less dead Asia session on Wednesday I was speaking with someone who reminded me Powell is to speak on Thursday.
Oh nos …. this could put a dampener on the session here also (typing this with hopes its a ‘famous last words’ sort of thing).
Fed Chair Powell speak Thursday 4 March 2021
- at 17.05 GMT
- at a Wall Street Journal event
- he will be discussing the US economy
- he will not speak from a prepared text, its a Q&A session
I suspect he will stick very much to his recent script and we will not get anything at all new from him. So don’t hold back today, no need to wait!
US equities struggle for a second day, give back most of the weekly gain
Tech like an anchor on stocks
The shape of the US equity selloff continues to be a story unto itself. The Nasdaq plunged 2.7% to finish on the lows while the Russell was down 0.5% and the Dow just 0.4%. Overall, the S&P 500 was down 50 points to 3819, or 1.3%.
The drop today wipes out most of the huge gain on Monday (which was the largest since June).
The trend/wedge is back in the crosshairs ahead of Powell tomorrow. I’m increasingly convinced that he’s going to brush of the rise in yields. If that combines with OPEC+ rolling over cuts, then there’s a great case for higher yields and more pain in stocks.
Thought For A Day
