Stocks lose ground on Wall Street, extending weekly losses

NEW YORK — Stocks fell on Wall Street Friday as worries grow that the Federal Reserve and other central banks are willing to bring on a recession if that’s what it takes to get inflation under control.

The losses were broad. More than 90% of companies in the benchmark S&P 500 fell. Technology stocks had some of the biggest losses. Microsoft fell 2.1%. “Inflation continues to be the monster in the room,” said Liz Young, head of investment strategy at SoFi. “In short, the survey data suggest that Fed rate hikes are having the desired effect on inflation, but that the economic cost is building and recession risks are consequently mounting,” Chris Williamson, chief business economist at S&P Global Market Intelligence, said.Bond yields were mixed. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.50% from 3.45% late Thursday. The yield on the two-year Treasury, which closely tracks expectations for Fed moves, fell to 4.

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