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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Wall Street ends lower following two weeks of gainsNEW YORK — Stocks closed lower on Wall Street as traders return from a long holiday weekend. The S&P 500 fell 0.4% Tuesday. The index is coming off its second weekly gain. The Dow lost 0.6% and the Nasdaq slipped 0.1%. Crude oil prices rose.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street opens lower as weak stretch continuesNEW YORK (AP) — Stocks are opening lower on Wall Street, continuing a weak stretch on this holiday-shortened week. The S&P 500 slipped 0.4% in the early going Wednesday. The Dow fell 131 points, or 0.4%, and the Nasdaq composite gave back 0.4%.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street loses ground as weak stretch continuesNEW YORK — Stocks fell on Wall Street, continuing a weak stretch on this holiday-shortened week. The S&P 500 fell 0.7% Wednesday. The Dow fell 198 points, or 0.6%, and the Nasdaq composite gave back 1.1%.
Source: SooToday - 🏆 8. / 85 Read more »

Wall Street’s Stock Market Calls Vary by Firm — and by FloorThis year’s astounding run in the S&P 500 Index has left forecasters split about what the world’s largest stock market will do next, and on Wall Street, the biggest disagreements often are emerging within the same firm.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Smurfit Is Set to Join Exodus of Big Names From UK Stock MarketA $20 billion merger in the packaging industry spells one thing for the UK stock market: the prospect of losing yet another of its top companies.
Source: BNNBloomberg - 🏆 83. / 50 Read more »