NEW YORK, March 15 — Major US stock indexes closed mostly lower on Monday, led by a more than 2 per cent drop in Nasdaq, as investors sold tech and big growth names ahead of this week’s Federal Reserve meeting and an expected hike in interest rates.
The Fed is expected to raise interest rates for the first time in three years Wednesday in an effort to combat rising inflation. “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 sectorwere the biggest drags on the S&P 500. Higher interest rates are a negative for tech and growth stocks because their valuations rely more heavily on future cash flows.lost 31.2 points, or 0.74 per cent, to 4,173.
The S&P 500 posted 11 new 52-week highs and 32 new lows; the Nasdaq Composite recorded 26 new highs and 615 new lows. Volume on US exchanges was 14.26 billion shares, compared with the 13.7 billion average for the full session over the last 20 trading days. — Reuters
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