Wall Street began the negotiations this Thursday in negative territory, for the third consecutive day. US market indices fall a day after an expected interest rate hike from the Federal Reservewhich seeks to stop the inflation.
The Dow Jones index, made up of the shares of 30 industrial giants, loses 0.30% with 30,092.93 points, while the S&P 500 of 500 components fell 0.77% to a level of 3,760.59 points. The Nasdaq technological falls 1.36% to 11,067.66 units.
Ten of 11 major S&P sectors fell in early trading, led by industrials and consumer discretionary stocks. Inside the Dow Jones, 18 of the 30 components are painted red, with American Express leading this decline.
Shares of big tech and mega-cap growth companies like Apple Inc, Amazon.com Inc, Tesla Inc and Nvidia Corp fell between 1% and 3.6%, after bets on higher rates dented appetite for these assets.
Benchmark US Treasury yields hit an 11-year high. A rise in bond yields weighs on tech firm valuations because they are poised on high future earnings.
“The Federal Reserve raised its rate forecast to 4.4% by the end of the year, well above the previous 3.8%. There is room for a hike of up to 75 more basis points in November, and another more than 40 to 50 points in December” , noted Ben Laidler, a strategist at eToro.
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