Morning Report 23 Nov 21: US stocks sink on tech rout after Powell renominated Fed Chair

US sharemarkets were mixed on Monday. Investors reacted positively to news that Federal Reserve Chair Powell had been nominated to serve a second term. Technology stocks fell, and banks rose, in response to higher  treasury yields. Reuters reported that shares in Apple rose 0.3% after JP Morgan flagged possible improvements to the supply of the iPhone 13 in coming months. At the close of trade the Dow Jones index was up by 17 points or 0.1%. The S&P 500 index fell by 0.3%. But the Nasdaq index lost 203 points or 1.3%.

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