Nasdaq falls 1% as Google and chipmakers lag | Forexlive

The Nasdaq is struggling for the second day and is now nearly 1% lower. The laggards are Google and chipmakers Micron, Nvidia and Qualcom, all down more than 2%.

The broader S&P 500 is down about about half as much as the tech-heavy Nasdaq.

Hurting tech performance is a rise in yields, particularly in the short end as the bond market rethinks the turmoil in the banking sector. It’s been days since the last bank failure but there’s still no resolution at First Republic, which is trading at $14 compared to $147 in early February. It’s unlikely it will receive any more than $0 in a takeover so it’s a tough deal to make.

The good news is that deposit outflows appear to be slowing so there’s a chance for an organic recovery.

Despite the trouble in tech stocks, the US dollar is sliding, particularly against the commodity currencies. Oil is 35-cents higher today and copper is up by 0.3%.

It all adds up to a mixed picture on sentiment and what’s likely to be quarter end flows dominating.