This day, Wall Street’s main indexes fell in volatile trading, weighed down by concerns that aggressive interest rate hikes to curb the highest inflation in decades could tip the economy into a recession.
Nine of the 11 major S&P sectors were down, with utilities leading the loss with a 1.7% drop, followed by financials, energy and technology stocks. Consumer discretionary bucked the trend, rising 0.9%, as the owner of Kate Spade Tapestry soared 15.1% on expectations of demand recovery in its key market China.
While, Growth stocks Alphabet Inc, Tesla Inc, Microsoft Corp, Apple Inc and Nvidia Corp fell between 1.1% and 3% and weighed more heavily on the S&P 500 and Nasdaq. The Dow Jones Industrial Average fell 1.8%, while the S&P 500 fell 1.7%. The Nasdaq Composite, meanwhile, lost 1.8%.
Source: Ambito
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