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Nasdaq registers lowest close since July 2020; chips stocks fall

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Wall Street ended lower, with the Nasdaq posting its lowest close since July 2020, as investors worried about the impact of more interest rate hikes

Federal Reserve Vice Chair Lael Brainard said tighter U.S. monetary policy has begun to be felt in an economy that may be slowing faster than expected, but the full brunt of Fed interest rate increases still won't be apparent for months.

Despite growing concerns by a number of economists and analysts that the Fed's interest rate hikes could increase unemployment, Chicago Fed President Charles Evans continued to back the central bank's attempt to lower inflation, saying that while it sounds "optimistic" he believed it could do so "while also avoiding recession.""People are worried about the economy.

 

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