5 May 2021 - Rate Rise Talk Spooks Markets | PGG Wrightson Global markets were lower overnight (S&P 500 index -0.7%), as investors rotated back into cyclical and value stocks as Treasury Secretary Janet Yellen's commented that interest rates need to rise somewhat to keep the economy from overheating. This sentiment echoed recent comments by some Federal Reserve members, but is far from the consensus view publicised by Chairman Jerome Powell - that the Fed is committed to low interest rates.  The tech heavy Nasdaq slumped -1.8% as mega cap growth technology stocks were hardest hit by profit taking on concerns of rising interest rates reducing valuations. Microsoft fell (-5.1%), Apple (4.1%), Nividia (-4%), Amazon (-3.2%) and Salesforce (-3%). Cyclical financial, materials, and energy sectors remained in the green.   European markets (Stoxx 600 index -1.4%), fell to a similar tune with tech...