Stock markets wavered on Wednesday, with tech shares falling and investors digesting President Joe Biden's calls for tax hikes and the latest interest rate signals from US Federal Reserve chief Jerome Powell
London, (UrduPoint / Pakistan Point News - 8th Feb, 2023 ):Stock markets wavered on Wednesday, with tech shares falling and investors digesting President Joe Biden's calls for tax hikes and the latest interest rate signals from US Federal Reserve chief Jerome Powell.
In his annual State of the Union speech on Tuesday, Biden urged unity and touted a blue-collar economic resurgence, with proposals including a new minimum tax on billionaires.
Traders also tracked remarks from Powell, who reiterated Tuesday that inflation was coming down -- but conceded interest rates might need to go higher than expected to get it under control.
Wall Street's three major indices were down at midday, with the tech-heavy Nasdaq down 1.4 percent.
Shares of Google's parent company Alphabet sank eight percent after the company presented some of the features of its Bard chatbot amid a battle over Artificial Intelligence with Microsoft.
Shares of video game-maker Activision Blizzard also fell after UK regulators said Microsoft's $69 billion takeover bid could harm competition and consumer choice.
European markets were given a boost by bumper annual profits at French energy major TotalEnergies and Norwegian peer Equinor, mirroring UK rivals BP and Shell.
But the Paris CAC 40 index fell at the end...
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