NZ tech stocks hit hard as US Fed signals rate hikes

The tech-heavy Nasdaq tumbling more than 3%, while Pushpay Holdings led the decline in NZ. (Image: supplied)

Thu, 06 Jan 2022

New Zealand shares tumbled with Wall Street indices after United States Federal Reserve meeting minutes suggested the central bank might need to raise rates sooner than expected.The S&P/NZX 50 Index fell 167 points, or 1.2%, to 12983.01. Turnover was $118.8 million.Investors in the US reacted strongly to the minutes from the Federal Reserve’s most recent meeting, which showed most members of the committee were thinking interest rates would need to go higher.This is due to both persistent inflation, which it had previously considered t...

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