On concerns that an overheated economy may force the Federal Reserve to maintain higher interest rates for longer, Wall Street declined.
Thursday was the S&P 500’s third straight loss as it dropped 0.3%. Particularly poor were Big Tech firms, as the Nasdaq composite fell by 0.9%. Because it places less of a focus on technology, the Dow fared better, jumping 57 points.
Following statistics indicating that the economy and job market are still booming, traders are predicting that there is about a 50/50 possibility that the Fed will hike rates again this year. All stock types are negatively impacted by high rates, but particularly high-growth stocks like tech.
In the Thursday:
At 4,451.14, the S&P 500 dropped 14.34 points, or 0.3%.
To reach 34,500.73, the Dow Jones Industrial Average increased by 57.54 points, or 0.2%.
To reach 13,748.83, the Nasdaq composite dropped 123.64 points, or 0.9%.
Smaller business index Russell 2000 dropped 18.52 points, or 1%, to 1,855.76.
This week:
The 1.4% decline in the S&P 500 is 64.63 points.
336.98 points, or 1%, are being lost by the Dow.
It is down 282.98 points, or 2%, on the Nasdaq.
The decline in the Russell 2000 is 65.07 points, or 3.4%.
As for the year:
The increase in the S&P 500 is 611.64 points, or 15.9%.
By 1,353.48 points, or 4.1%, the Dow is up.
The increase in the Nasdaq is 3,282.35 points, or 31.4%.
The Russell 2000 is up 5.4%, or 94.51 points.