Overnight Market Brief – 11 April 2022
US tech stocks led the day’s losses as investors dumped the riskier shares in anticipation of higher interest rates limiting the group’s future profit growth. Chipmakers like Nvidia and Micron, which have struggled amid supply chain shortages and concerns of a looming recession, dipped 4.5% and 1.5%, respectively, while shares of Tesla, Alphabet, and Apple slid 3%, 1.9%, and 1.2% lower. Shares of Robinhood slipped nearly 7% after Goldman Sachs downgraded the trading app to sell from neutral. UPS fell close to 1% on the back of a downgrade from Bank of America citing concerns about weakening demand and declining prices in the industry.