Tech stocks lead Wall Street lower, breaking winning streak

Wall Street capped a choppy week of trading Friday with a broad slide for stocks that left the major indexes in the red for the week.

Friday marked the heaviest selling for the market, including the S&P 500's biggest decline in more than seven weeks, after a solid run of weekly gains. The strong market rally in July and early August followed better-than-expected company earnings and signs that the economy is slowing, possibly setting the stage for less aggressive rate hikes, the Federal Reserve's main tool for taming surging inflation.

That gave traders"the perfect excuse to finally begin to burn off" some of the market's recent gains. Technology stocks had some of the biggest losses and the sector's dip weighed heavily on the broader market. Microsoft fell 1.4%.Meme stock Bed Bath & Beyond sank 40.5% after the high-profile activist investor Ryan Cohen confirmed that he's sold his stake in the company.Bright spots included General Motors, which rose 2.5% after reinstating its dividend. Foot Locker soared 20% after replacing its CEO and reporting earnings that beat Wall Street's estimates.

Big retailers including Walmart and Target have warned investors that inflation is crimping consumer spending. Department store owner Macy's will report its results next week. The data from government and corporate reports is also being closely watched as investors try to determine how the Federal Reserve will continue with its plan to fight inflation by raising interest rates. The goal is to raise rates and slow down economic growth to cool inflation. But, the central bank is threading a fine line between taming inflation in an already slowing economy and hitting the brakes too hard and veering the economy into a recession.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks tumble, S&P 500 on pace to break 4-week win streakStocks were lower on Friday, with the S&P 500 on track to break its four-week win streak as Wall Street's summer rally lost its steam Algorithmic trading platforms are causing this frenzy selling but watch out as options expire and they turn the buttons on after they sell and cover their shorts and buy more!
Source: CNBC - 🏆 12. / 72 Read more »

Stocks slip on Wall Street, erasing weekly gains for S&P 500Stocks on Wall Street closed broadly lower Wednesday as drops by big technology companies wiped out the week's gains for the Standard & Poor's 500 index.
Source: latimes - 🏆 11. / 82 Read more »

Global stocks lower after Fed says US inflation too highGlobal stocks and Wall Street futures are mostly lower after the Federal Reserve said U.S. inflation is too high, suggesting support for more interest rate hikes.
Source: ksatnews - 🏆 442. / 53 Read more »

Stocks fall broadly, S&P 500 set to break winning streakStocks fell in afternoon trading on Wall Street Friday, putting major indexes on track for losses that will end a solid run of weekly gains.
Source: WashTimes - 🏆 235. / 63 Read more »