All but two American stocks valued at over $100 billion slid Thursday.
Major stock indexes are on pace for their worst day in months as investors once again sell off in anticipation of further restrictive policy from the Federal Reserve as the central bank'ls effort to cool the U.S. economy hits further road bumps.The Dow Jones industrial average tanked 500 points, or 1.5%, by 11:30 a.m. EDT, while the S&P 500 and tech-heavy Nasdaq slid 1.3% and 1.5%, respectively.
“The data-dependent Fed will look at the labor market and that should support the case for much more tightening,” saidAmong Thursday’s biggest stock losers were rate-sensitive technology stocks like Tesla, Alphabet, Nvidia and Amazon, each down 2%. The bond market tanked considerably amid the renewed concerns about interest rates, and ten-year U.S. Treasury yields jumped 12 basis points to a four-month high.In the last 16 months, the Fed has hiked the federal funds rate from near zero to a top level of 5.25%. Stocks historically slump during periods of elevated interest rates, but they have recovered remarkably since bottoming last fall, even as interest rates continue to soar.
the social media giant’s launch of Twitter competitor Threads, while Microsoft benefited from Morgan Stanley bumping its price target for the legacy tech stock.
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