London Daily

Focus on the big picture.
Monday, Mar 30, 2026

Nasdaq sheds 4% as worst tech selloff since 2020 tanks US stocks

Nasdaq sheds 4% as worst tech selloff since 2020 tanks US stocks

Facebook owner Meta Platforms suffered a historic drop that wiped more than $250bn from its value.

The worst selloff in technology shares since fall 2020 sent U.S. equity indexes reeling, halting a four-day rebound.

The Nasdaq 100 shed 4.2% and the S&P 500 fell 2.4% as Facebook-owner Meta Platforms Inc. suffered a historic rout that wiped more than $250 billion from its value.

The declines came as investors also digested concerns about persistently high inflation from the European Central Bank with hawkish comments from Christine Lagarde. The euro spiked higher along with European bond yields. Meanwhile U.S. Treasuries followed the euro zone lower and the dollar fell.

“We got hit with a one-two punch today with the big drop in Facebook and the surprising news that the ECB has become more hawkish,” said Matt Maley, chief market strategist for Miller Tabak + Co. “The stock market had rallied in the afternoon each of the last four days, so traders were hoping that could bail us out again. When the rally didn’t materialize, traders lost a lot of confidence.”

Weak numbers from U.S. tech giants including Spotify Technology SA jolted investors who had bet a strong earnings season would keep equities attractive and counter some of their lingering worries including tighter monetary policy. Markets have swung sharply and stocks are nursing losses this year as officials pare stimulus to curb inflation.


In Europe, the Bank of England hiked its key rate and signaled it would start running down bond holdings. Meanwhile, the ECB held its interest rates and said net buying under its emergency support program will end in March.

Lagarde said inflation would remain elevated for longer but the bank was getting “much closer” to its inflation target. Germany’s two-year yield rose to a 2015 high. The Stoxx Europe 600 fell below its 100-day moving average.

“As markets focus closely on large, developed-market monetary policy stances — and investor sentiment around the globe shifts — economic activity data releases will be key,” said Marilyn Watson, head of global fundamental fixed income strategy at BlackRock.

Growth in the U.S. services sector pulled back in January to the slowest pace in nearly a year. Meanwhile, U.S. initial jobless claims fell more than expected last week to 238,000 ahead of data on payrolls Friday.

“Tomorrow’s jobs report is a reminder that expectations for Fed policy are the key influence on this market right now, and if economic data, especially inflation data, comes in ‘too hot’ then that will rekindle hawkish Fed concerns like in January, and we would expect at least a partial return of the January volatility,” wrote Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “Bottom line, Fed policy still very much matters to this market.”

What to watch this week:


*  U.S. payrolls report for January, Friday

*  Winter Olympics kick off in China, Russia’s President Vladimir Putin due to attend opening ceremony, Friday

Some of the main moves in markets:

Stocks


*  The S&P 500 fell 2.4% as of 4:01 p.m. New York time

*  The Nasdaq 100 fell 4.2%

*  The Dow Jones Industrial Average fell 1.5%

*  The MSCI World index fell 1.8%

Currencies


*  The Bloomberg Dollar Spot Index fell 0.3%

*  The euro rose 1.1% to $1.1431

*  The British pound rose 0.1% to $1.3595

*  The Japanese yen fell 0.4% to 114.94 per dollar

Bonds


*  The yield on 10-year Treasuries advanced five basis points to 1.83%

*  Germany’s 10-year yield advanced 10 basis points to 0.14%

*  Britain’s 10-year yield advanced 11 basis points to 1.37%

Commodities


*  West Texas Intermediate crude rose 2.1% to $90.11 a barrel

*  Gold futures fell 0.2% to $1,806.80 an ounce

Newsletter

Related Articles

0:00
0:00
Close
Starmer Signals UK Crackdown on Addictive Social Media Features
Rising Costs Push One in Five UK Hospitality Businesses to the Brink of Closure
Man Arrested on Suspicion of Attempted Murder After Car Strikes Pedestrians in UK, Injuring Seven
Escalating Conflict Involving Iran Tightens Fiscal Pressures and Highlights UK Economic Vulnerabilities
UK Moves to Confront Russian ‘Shadow Fleet’ Operating in Its Waters
UK Housing Divide Deepens as Older Owners Hold Wealth While Under-30s Face Mounting Barriers
London Demonstration Calls on UK to Recognize Iranian Opposition’s Provisional Government
UK Green Party Vote on ‘Zionism is Racism’ Motion Collapses Amid Internal Disputes and Technical Failures
SNL UK Ignites Debate with Sharp Royal Satire Targeting Prince Andrew and Prince William
EU Proposes ‘Emergency Brake’ to Resolve Deadlock in UK Youth Mobility Talks
Thousands Rally in London to Oppose Rise of Far-Right Movements
Hong Kong Official Rejects Allegations of Surveillance Orders Targeting UK-Based Dissidents
PayPal Expands Cryptocurrency Services to Allow UK Users to Buy and Sell Bitcoin
UK Minister Challenges Reform Party’s ‘Pro-Family’ Agenda as Debate Intensifies
Concerns Grow Over Meningitis Risk Among UK Students Amid Warning Signs of New Outbreaks
Japanese Grand Prix 2026: Schedule, UK Start Times and Full Broadcast Details
Electric Vehicles Seen as Strategic Solution to UK Fuel Reserve Concerns
Rise of Lone-Actor Threats and Online Radicalisation Drives New Wave of Antisemitic Attacks in the UK
Canada Advances Plan to Ban Cryptocurrency Donations in Election Campaigns
UK Faces Looming Medicine Shortages as Iran Conflict Threatens Supply Chains
Deadly Meningitis Outbreak in the U.K. Highlights Urgent Need for Vaccination
Fresh Claims Emerge Over Harry and Meghan’s Australia Visit as Insider Speaks Out
NATO Assessment Indicates UK Defence Spending Has Fallen Below Alliance Average
FTSE 100 Slips as Middle East Tensions Weigh on Investor Sentiment
UK Economy Begins to Feel Early Impact of Iran Conflict as Policy Challenges Intensify
Russian National Jailed in UK After Assault Case Linked to Barron Trump’s Alert
Energy Price Surge Accelerates Shift Away from Fossil Fuels in UK Homes
UK Museums House More Than 260,000 Human Remains, New Report Reveals
Surging UK Gilt Yields Reflect Inflation Pressures and Fiscal Uncertainty
UK Issues Updated Guidance on Children’s Screen Time with Focus on Balance and Wellbeing
UK Migration Figures Show Shifting Trends Across Asylum, Visas and Channel Crossings
UK Watchdog Launches Probe into Five Firms Over Alleged Fake Reviews and Ratings
Jaguar Land Rover Halts Production at UK Plant Amid Supplier Disruption
UK Police Reverse Position, Confirm Arrests Will Resume for Palestine Action Protests
UK Small Businesses Face Europe’s Steepest Cost Pressures, New Survey Reveals
US Envoy Urges UK to Proceed with King’s Visit Amid Diplomatic Sensitivities
FTSE 100 Drops Over One Percent as Middle East Tensions Weigh on Markets
UK CO2 Plant Set to Reopen as Authorities Move to Safeguard Supplies Amid Middle East Tensions
Trump Urges Stronger Defence Investment as He Questions Allied Naval Capabilities
New COVID Variant Detected in UK Raises Concerns Over Vaccine Effectiveness
FTSE Russell Moves to Standardise Free-Float Rules for UK and International Listings
HBO Max Launches in UK and Ireland, Marking Major Step in Global Streaming Expansion
UK Signals Readiness to Seize Russian ‘Shadow Fleet’ Vessels in Escalation of Sanctions Enforcement
Escalating Middle East Conflict Seen as Major Threat to UK Economic Stability
Early Challenges Mark Prince Harry and Meghan’s Australia Visit
UK Government Rejects Cover-Up Claims After Theft of Former PM Aide’s Phone
Cyprus Opens Strategic Talks with UK Over Sovereign Base Areas
UK Faces Risk of Sharp Inflation Surge Despite Stable Pre-Crisis Figures
UK Police Arrest Two Over Suspected Antisemitic Arson as Iran Link Investigated
UK Inflation Holds at Three Percent Ahead of Oil Price Shock from Iran Conflict
×