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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Business Maverick: US Treasury Prohibits Investors From Buying Russian DebtThe US Treasury stepped up financial sanctions on Russia by restricting investors from buying the country’s debt in the secondary market, bringing trading activity almost to a halt on Tuesday as investors scrambled to understand the new restrictions.
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