Technology stocks are officially in correction territory after yesterday's late Wall Street selloff. The tech and growth focused Nasdaq 100 fell more than 1% in the previous session, bringing the decline from its high to 10.2%, the typical definition of a correction. By comparison, the S&P 500 is down 6%.

Joe Biden backed the Federal Reserve’s shift towards tighter monetary policy to fight inflation, using his first formal press conference in months to defend his handling of the economy.  In a contradictory stance, he also argued for more deficit spending, but he acknowledged that his $1.75tn flagship “Build Back Better” legislation would probably have to be broken up into pieces to pass Congress.  The President noted the widespread concern among people about the enduring pandemic and the messy economic recovery.

Wall Street’s leading banks increased pay by nearly 15 per cent last year as they fought a war for talent that is expected to drag on as long as dealmaking remains buoyant. JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley and Bank of America disclosed in recent days that they had handed out $142bn in pay and benefits in 2021, up from $124bn in 2020.