Stock markets fall as tech shares slide; Yellen says ‘very modest’ rates rises may be needed – as it happened | Business

Time for a recap.

Stock markets have fallen sharply on a jittery day in the City, Wall Street and beyond.

Technology shares led the selloff, with the Nasdaq Composite index currently down 2.5%, on track for its worst day since March.

Jack Farley

Nasdaq having the worst day since March

May 4, 2021

Mega-cap tech companies are among the fallers, with Apple now down 4%, Amazon shedding 3.1%, Alphabet/Google losing 2.6%, Microsoft dropping 2.2% and Facebook down 2.6%.

Germany’s DAX index suffered its worst fall of 2021, dropping 2.5%, after chipmaker Infineon warned that about 2.5 million cars won’t be produced in the first half of 2021 due to ongoing supply chain shortages.

The FTSE 100 had started the day brightly, with travel companies rallying on hopes that holiday restrictions will be eased this summer. But after jumping over 7,000 points near to a…

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