U.S. stocks extended a slump while bonds edged higher in the aftermath of the minutes of the Federal Reserve’s last meeting.
The Nasdaq 100 fell 1.1 per cent, extending a losing streak for a fourth day — the longest in over two months — as investors continued to retreat from last year’s winning tech stocks. The S&P 500 slid 0.8 per cent while the Russell 2000 small caps gauge dropped 2.6 per cent. Tesla Inc. and semiconductor stocks slumped while crypto-tied equities floundered as Bitcoin erased most of its gains this year.
The dollar strengthened for a fourth day, the longest run since November.
Fed policymakers said rates could stay restrictive for longer than anticipated last month, while noting rates cuts could emerge before the year is out. Swaps traders had been factoring in a full quarter point cut to the benchmark rate by the March meeting on Friday.
Treasury yields ended the day near session lows with…
