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Big Tech Weighs on Stock Market after Fed Pause

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Bond yields hovered near at least 15-year highs, and big tech companies that powered the 2023 rally dragged down stocks.

Sept. 20, 2023 4:47 pm ETFederal Reserve Chair Jerome Powell said Wednesday that the central bank will leave its benchmark interest rate unchanged, the second time this year the Fed opted against raising rates. Photo: Chip Somodevilla/Getty Images

For months, investors snapped up tech stocks as if they didn’t believe the Federal Reserve’s promise to slow the American economy by keeping interest rates higher. Wednesday gave the latest evidence that the tech trade is cooling.Continue reading your article with

 

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