The worst week for big technology stocks since the COVID crash in 2020 dragged Wall Street on Friday across the finish line of another losing week. The Standard & Poor's 500 index dropped 0.9% to close out its third straight losing week. That’s its longest such streak since September, before it broke into a romp that sent it to a string of records this year. The Nasdaq composite sank 2%. The Dow Jones industrial average, which has less of an emphasis on tech, was an outlier and rose 0.
a Dutch company that’s a major supplier to the semiconductor industry, reported weaker-than-expected orders for the start of 2024, for example. The larger threat was a dawning, dispiriting acknowledgement sweeping Wall Street that interest rates may stay high for longer. Top Fed officials said this week that they could hold interest rates at their high level for a while. That’s a letdown for traders after the Fed had signaled earlier that three interest rate cuts were possible this year.
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