Dec 17 - Technology stocks weighed on Wall Street on Tuesday, as investors grew cautious ahead of the Federal Reserve's interest rate decision this week following a stronger-than-expected retail sales reading.
The U.S. 10-year Treasury note yield inched higher, hovering near a three-week high of 4.428% and pressuring rate-sensitive equities, as market bets strengthened on a more cautious Fed in 2025. Nine of the 11 S&P 500 sectors were lower with energy stocks , down 1.6%, while financials , and information technology , followed with a 0.9% and 0.6% loss respectively.
"This will be the second year in a row of the S&P delivering returns of over 20%. And that's only a third time that's happened in the last century, so I think there's some profit taking," Sterner said. Wall Street saw a fairly strong session on Monday, where the Nasdaq , closed at a record high and the S&P 500 , gained ground.
Pfizer , gained 4.1% after the drugmaker forecast 2025 profit roughly in line with Wall Street expectations.
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