Business Standard

Nasdaq leads Wall Street lower as tech stocks lose ground

S&P 500, Nasdaq eye second straight weekly gain; financial, energy among top S&P 500 weekly sectoral gainers

nasdaq, us markets

Photo: Reuters

The Nasdaq and the S&P 500 fell on Friday as a rally in technology stocks lost steam, while the Dow held steady, with financial shares rising on growing bets of bigger interest rate hikes by the Federal Reserve.

Megacap stocks Apple Inc, Tesla, Microsoft Corp and Nvidia Corp slipped between 0.5% and 1.9% after leading a Wall Street rebound this week. The S&P 500 technology sector fell 1%, while semiconductor stocks lost 1.2%.

Wells Fargo rose 2%, while the broader financial index gained 1.2%, as the U.S. 10-year Treasury yield hit 2.4%.

Economists at Citibank are expecting four 50 basis points interest rate

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First Published: Mar 25 2022 | 10:51 PM IST

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