Tech Stock Sell-Off Worsens in US Stock Market, Rate Cut Expectation Setback Exacerbates Market Panic

On Friday, November 14th during the U.S. session: A sell-off driven by tech stocks intensified in the U.S. stock market. Major benchmark indices broke below support levels as market concerns grew regarding the possibility that the Fed may not cut interest rates at the next meeting. The S&P 500 Index opened 0.8% lower on Friday, continuing the tech-led plunge and dropping below the 50-day moving average. The sell-off in tech also had an impact on the Nasdaq 100 Index, which opened down 1%. The blue-chip Dow Jones Industrial Average fell 1.1%. The CBOE Volatility Index rose to above 22. Brian Jacobsen, the Chief Economic Strategist at Annex Wealth, stated, "The market always has things to be concerned about. The current worry about the Fed pausing its action in December has replaced concerns about the long government shutdown. Despite the government reopening, economic data remains in a 'dull' state and requires more time to be resolved. This is also part of the reason why the stock market has been in a pullback and trying to find its footing." (FXStreet)