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Stock market plummets after US Treasury Secretary Janet Yellen speaks about rates

Schedule S&P 500 at intervals of 5 minutes

Futures on US stock indices began to decline on Tuesday at about lunchtime Moscow time. Among the possible reasons for the sale, Bloomberg experts call the escalation of tensions between China and Taiwan, the tightening of lockdowns in some countries of the world, as well as the general overbought and overvalued market.

Be that as it may, but at the opening of the trading session, the US stock market received a new powerful impetus to decline when US Treasury Secretary and former Fed Chairman Janet Yellen, speaking at the “Summit on the economy of the future”, said that

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“It may happen that interest rates rise slightly to keep our economy from overheating.”

After that, the S&P 500 declined quite quickly by about 1%, and Nasdaq suffered even more tangible losses.

The US stock market is losing its bullish momentum after impressive gains, said City Index analyst Fiona Cincotta.

“Strong quarterly reports could not provoke a new wave of growth in stock indices,” the expert says.

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