Deutsche Bank: Nasdaq enters correction range, Federal Reserve's vague signal becomes a trigger for selling

On July 30, Deutsche Bank pointed out that the Federal Reserve's decision to keep interest rates unchanged and the limited details provided by Chairman Walsh triggered a sharp steeping of the U.S. bond yield curve, pushing the 30-year yield to 5.20%, and putting pressure on the stock market. The S & P 500 posted its worst one-day performance in seven weeks, while weakness in technology stocks dragged the Nasdaq 100 into correction territory. Asian and European stock markets were mixed. The rise in U.S. bond yields ultimately put pressure on the stock market after experiencing large intraday fluctuations. The S & P 500 fell more than 0.5% before the FOMC meeting and turned higher during the Wash press conference, but fell sharply in the last trading hour and eventually closed down 1.52%. Chip stocks suffered another heavy fall, which also dragged down the stock market, with the Philadelphia Semiconductor Index plummeting 5.33%. The decline in technology stocks also pushed the Nasdaq 100 Index (-2.06%) into a technical correction zone, which is now down 11.3% from its peak in early June.