Indications that US inflation may be reaching a peak failed to keep stocks rallyingNEW YORK - Wall Street stocks were back under pressure on Thursday after two up sessions, with tech shares diving on expectations for higher interest rates.
"We're seeing some significant rotation out of tech," Hogan said, noting the"decidedly more hawkish Fed" compared with earlier in the pandemic. On Wednesday, data showed US consumer prices in 2021 rose at the fastest pace in four decades. However, CPI growth slowed in December from November, indicating the price surge may be nearing a peak.
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