The Nasdaq tumbled as investors sold off big-name tech stocks like Apple and Amazon $AAPL $AMZN
Data showed the number of Americans filing new claims for unemployment benefits fell last week to a 16-month low, while worker shortages and bottlenecks in the supply chain have frustrated efforts by businesses to ramp up production to meet strong demand for goods and services.Federal Reserve Chair Jerome Powell told lawmakers he anticipated the shortages and high inflation would abate.
"People are very nervous and concerned about inflation, tax rates and the election. Those three things are very much on people's minds," said 6 Meridian Chief Investment Officer Andrew Mies, describing recent phone calls with his firm's clients.
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