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Tech, growth stocks lead Wall Street to lower close as investors focus on interest rates - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Wall Street ended lower on Monday, led by a drop in the Nasdaq, as investors sold tech and big growth names ahead of this week’s Federal Reserve meeting and an expected hike in interest rates.

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Apple Inc shares fell after its supplier Hon Hai Precision Industry Co Ltd, known as Foxconn, suspended operations in China’s Shenzhen amid rising COVID-19 cases. “We’re seeing that rotation into value and away from growth,and a lot of that is tied to what’s happening to interest rates,” said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.The technology sector and consumer discretionary were among the biggest drags on the S&P 500.

 

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