The tech sell-off continued in the US overnight on the back of dovish comments from Treasury Secretary Yellen, with the likes of Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN) and Tesla (NASDAQ: TSLA) sending the Nasdaq down 1.9%.
The S&P 500 and Dow Jones, down 0.7% and up 0.1%, were more resilient, supported by the continuing surge in commodities prices.
The sell-off came as Janet Yellen commented that rates were likely to rise as government spending ramps up, before noting she was not predicting or recommending when this should happen. It would seem the focus on narrative rather than data has returned.
Zillow reports
America’s version of REA Group Limited (ASX: REA), Zillow (NASDAQ: Z) reported an 8% increase in revenue to US$1.2 billion in its first-quarter earnings report, beating expectations.
This was powered by its Premier Agent business, up 35%, the service used by real estate agents to assist in selling their properties. Zillow stock fell 4.1% overnight but was up more than 3% in after-hours trading.
US stock market movers
Here’s how popular US stocks fared overnight:
- Gartner (NYSE: IT) up 14.2%
- Amcor (NYSE: AMCR) up 5.4%
- Shopify (NASDAQ: SHOP) up 1.9%
- Tesla (NASDAQ: TSLA) down 1.7%
- Amazon (NASDAQ: AMZN) down 2.2%
- Apple (NASDAQ: AAPL) down 3.5%
- PayPal (NASDAQ: PYPL) down 3.5%
- Trade Desk (NASDAQ: TTD) down 5.0%
- Square (NASDAQ: SQ) down 5.1%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow US markets lower this morning. For all the latest, check out Rask Media’s ASX 200 morning report.