According to the search engine results, wall street investors were worried about persistent inflation and signs of strength in the US economy, which could lead the Federal Reserve to raise interest rates again this year.
As a result, the US stock indexes declined on Friday due to weakness in mega-cap and energy stocks.
Data on the economy showed high inflation, a robust labor market, and steadfast consumer spending, giving the Fed additional leeway to increase borrowing prices.
Goldman Sachs and Bank of America increased their prior projection of two rate increases to three rate increases this year, each by a quarter of a percentage point.
Traders predict at least two more rate rises before the Fed peaks in July at 5.3%.
Seven of the eleven major S&P sectors fell, with energy stocks falling 3% and oil prices falling 3%.
The loss of more than 1% in each mega-cap growth stock, such as Microsoft, Apple, and Amazon, hurt the tech and consumer discretionary sectors.
In uncertain economic times, healthcare, consumer staples, and utilities, seen as less risky, did well.
For example, Moderna decreased by 4.7% after research on its experimental influenza vaccine revealed conflicting results.
In contrast, Deere & Co. increased by 6.4% as the world’s largest farm equipment manufacturer increased its yearly profit and above analysts’ estimates for quarterly earnings.
At 10:44 a.m. ET, the Nasdaq Composite was down 116.57 points, or 0.98%, at 11,739.27, the S&P 500 was down 28.80 points, or 0.70%, and the Dow Jones Industrial Average was down 24.96 points, or 0.07%, at 33,671.89 (all times Eastern Time).
Wall Street’s fear barometer, the CBOE Volatility Index, soared above 20 points for the second day.
On the NYSE and the Nasdaq, the number of falling stocks was 1.85 to 1 and 1.37 to 1 compared to the number of rising stocks.
The Nasdaq recorded 44 new highs and 39 new lows, compared to the S&P 500’s five new 52-week highs and one new low.
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