NEW YORK, Sept 21 — Nasdaq led declines in key Wall Street indexes today as a jump in Treasury yields knocked down growth stocks after the Federal Reserve signaled that another rate hike was in the offing this year.
The report also said Google had been working to replace Broadcom as the supplier for networking chips used in its data centres with Marvell Technology which rose 0.9 per cent.The US central bank delivered a widely anticipated pause yesterday and revised economic projections higher with warnings that the battle against inflation was far from over, prompting a weak session for Wall Street.
Adding to rate jitters, US jobless claims unexpectedly fell last week, while the Philadelphia Fed’s business conditions index reading showed a worse-than-expected drop in September, fuelling recession concerns. Traders’ bets on the benchmark rate remaining unchanged in November and December stood at 72 per cent and 53 per cent, respectively, according to CME’s FedWatch tool.
Instacart fell 5.1 per cent briefly slipping below its IPO price of US$30 per share, while Arm Holdings shed 3.4 per cent to US$51.1, nearing its IPO price of US$51 per share.