The NASDAQ Composite Index has lost four percentage points in two and half days, led lower by technology and biotechnology. These have been the momentum darlings over the past year. What a difference a month makes.
Exchange-traded funds that target financial firms were whipsawed as Federal Reserve Chair Janet Yellen’s remarks on interest rates left investors struggling to gauge how soon future increases will help U.S. bank profits.
King Digital Entertainment Plc, maker of the “Candy Crush” smartphone game, suffered the biggest decline of a newly listed U.S. company in over four months even after it priced its shares at a discount to its major peers.