Stock Market Forecast: Nasdaq Slides on Strong US PMI Survey
2021-05-21 16:30:00
Rich Dvorak,
Analyst
STOCK MARKET FORECAST: NASDAQ COMPOSITE MIRRORING TREASURY YIELDS, INFLATION FEARS
Nasdaq price action pressured during Friday morning trade as Treasury bond yields jump
Flash US PMI data just released by IHS Markit shows business activity accelerating in May
Treasury yield volatility surrounding inflation and Fed taper fears to dominate risk trends
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The Nasdaq Composite looks likely to start receding from session highs in the wake of robust US PMI data crossing market wires shortly after the opening bell on Wall Street. Stocks might struggle to maintain gains notched earlier in the week as investors shift focus back to the threat of Fed tapering. The flash US PMI survey for May blew past consensus forecast with business activity showing an “unprecedented expansion.”