Wall Street is sinking again Thursday on worries that a too-warm economy will push the Federal Reserve to keep interest rates higher for longer.
The Standard & Poor’s 500 was 0.5% lower in early trading and on track for a third straight loss. Big Tech stocks were particularly weak, and the Nasdaq composite was 1.2% lower. The Dow Jones industrial average was holding up better than the rest of the market because it has less of an emphasis on tech, and it was up 42 points, or 0.1%, at 34,485, as of 9:45 a.m. Eastern time.
Stocks were feeling pressure from the bond market, where yields rose a day before due to a report showing growth for U.S. services industries accelerated more last month than economists expected. Yields remained high after a report on Thursday saidWhile such reports are encouraging for the economy, indicating a long-predicted recession is not near, they could also keep conditions humming strongly enough to push upward on inflation.
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