Among its biggest drags, shares of Intel Corp slid 5.3% after Citi cut its estimates on the chip-maker for the second time in a week.
“That level is what people are focused on because it represents an increase in interest rates and a reflection of inflation and market volatility.” The US Federal Reserve is expected to raise rates by 50 basis points at each of its June and July meetings, with a similar move also likely in September, in an effort to combat inflation.
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