MONEY LIVE | Nasdaq lost $1 trillion just this week as bonds spike | Fin24

More than a third of the index’s gain was due to the 88% rise of Richemont’s share price for the year.Nasdaq lost $1 trillion just this week as bonds spike

Declines may not be over yet: Nasdaq 100 futures point to a further 0.3% drop on Thursday after the worst two-day rout since March. US 10-year Treasury yields were hovering near to 1.75%, the highest in about 10 months. Volumes on the main indexes remained thin and well below levels of mid-December when the Federal Reserve’s hawkish tilt turned markets volatile.

Hedge funds, which spent December unloading high-growth, high-valuation stocks, began the new year by jettisoning software and chipmakers at a furious pace. In the four sessions through Tuesday, these sales reached the highest level in dollar terms in more than 10 years, according to data compiled by Goldman Sachs Group Inc.’s prime broker.Big losers today are commodity shares on back of falling platinum and other commodities, but losses are limited. All share down 1%. Still low volumes.

Overnight swaps markets moved to price in an 80% chance of a 25 basis-point hike at the Fed’s meeting in March. The dollar was little changed, while the yen climbed.A selloff in Chinese tech companies continued on concerns firms will pare holdings amid Beijing’s regulatory crackdown on the sector. The Hang Seng Tech Index fell for a fourth day.

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