In turn, economic data showed a more pronounced decline than expected in the retail sales in November and a drop in the number of Americans applying for unemployment benefits In the past week, indicating a tight labor market.
The top 11 sectors of the S&P 500 ended in the redwith communication services and technology stocks falling almost 4% to be the worst performers of the session.
The Dow Jones Industrial Average fell 2.2% to 33,211.90, while the S&P 500 lost 2.5% to end at 3,896.41. The Nasdaq Composite lost 3.2%, to settle at 10,814.68 units.
Stocks have rallied since hitting 2022 lows in October on hopes of a less aggressive Fed, but the rally stalled in December due to mixed economic data and worrying business forecasts.
Among the worst performances of the day was Netflix which tanked after a media report that the company would let its advertisers get their money back after missing viewership targets.
nvidiaalso began to fall, after HSBC Global Research began covering the chipmaker’s shares with a “reduced” rating.
Source: Ambito
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