The U.S. economy may be seeing a powerful restart as the pandemic subsides, but the world’s largest asset manager sees pitfalls in underestimating just how slow the Federal Reserve can go in tightening monetary policy.
Chip stocks posted their worst day in two months Monday, falling into correction territory, as the tech sector retreated with the broader market trading.
The Dow Jones Industrial Average tumbled 350 points intraday from its all-time high above 35,000 Monday, while shares of highflying technology companies swooned, pulling the Nasdaq Composite sharply lower.
Shares in BioNTech surged 7% on Monday, after the German biotech’s first-quarter earnings revealed a windfall of revenue and profit amid the global push to vaccinate against COVID-19.