The Wall St. street sign is framed by the American flags flying outside the New York Stock exchange, Friday, Jan. 14, 2022, in the Financial District. Stocks fell broadly in morning trading on Wall Street Tuesday as investors review the latest batch of corporate earnings and continue monitoring rising inflation and the virus pandemic.
The tech-heavy Nasdaq fell 1.9% and has been hit particularly hard by expectations for higher interest rates. As investors prepare for higher interest rates, shares in pricey tech companies and other expensive growth stocks look relatively less attractive. The index is on track for its fourth straight weekly loss and losses in recent months had by Wednesday left it in what Wall Street considers a market correction, or 10% below its peak.
Household good makers and utilities, which are typically considered less-risky investments, made gains. Rising costs have raised concerns that consumers will start to ease spending because of the persistent pressure on their wallets. The latest retail sales data for December was surprisingly disappointing and revealed a decline in sales.
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