by slowing the economy too much. They also push down prices for stocks, bonds, cryptocurrencies and other investments.
“What the market is trying to assess is when does it seem as if the Fed is going to have what it needs to ascertain that inflation is plateauing,” said Quincy Krosby, chief equity strategist for LPL Financial.The S&P 500 fell 33.45 points to 3,785.38 on Thursday. It lost 16.4% in the April-to-June quarter, its biggest quarterly decline since it slumped 20% in the first three months of 2020, when the pandemic upended the global economy in a matter of weeks.
The Dow Jones industrial average fell 253.88 points, or 0.8%, to 30,775.43. The Nasdaq composite slid 149.16 points, or 1.3%, to 11,028.74.The yield on the 10-year Treasury, which helps setTechnology companies were among the biggest weights on the market as investors continued to favor utilities and other traditional defensive stocks. Apple fell 1.8% and Exelon rose 2.2%.
Retailers and other companies that rely directly on consumer spending also posted some of the biggest losses, as they have all year. Amazon slipped 2.5% and Best Buy shed 2.9%.
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