Stock market today: Big Tech stocks drag Wall Street down again

NEW YORK — Wall Street is sinking again on worries that a too-warm economy will push the Federal Reserve to keep interest rates higher for longer. The S&P 500 fell 0.7% early Thursday, on track for a third straight loss. Big Tech stocks were particularly weak, and the Nasdaq composite was down 1.5%. The Dow was holding up better than the rest of the market, rising 0.2%, because it has less of an emphasis on tech.

On Thursday, the U.S. releases data on weekly jobs numbers and an update on mortgage rates arrives midday. Artificial intelligence software company C3.ai fell 10% after it missed revenue targets and offered up a weak forecast. The Institute for Supply Management’s latest survey Wednesday showed that the sector, which employs most Americans, grew at a faster pace than economists expected in August. It has remained resilient throughout 2023 despite persistent inflation and rising interest rates squeezing consumers.

Inflation has been easing for months under the weight of the Fed’s aggressive rate hikes that started in 2022 and brought its main interest rate to the highest level since 2001. The policy raised concerns that the central bank might be too aggressive and hit the brakes on economic growth with enough force that the economy would be thrown into a recession.

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