Business Standard

Tech, financial stocks drag Wall Street lower as growth concerns mount

Nine of the 11 major S&P sectors declined, led by a drop of 2% in consumer discretionary and 1.5% in financial stocks; Eli Lilly up on FDA approval for cancer drug

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Technology and financial stocks pulled Wall Street's main indexes lower for a third straight session on Thursday, as investors worried that the Federal Reserve's aggressive approach to rein in inflation could trigger a recession.
The Fed lifted rates by an expected 75 basis points on Wednesday and signaled a longer trajectory for policy rates than markets had priced in, fuelling fears of further volatility in stock and bond trading in a year that has already seen bear markets in both asset classes.
"Going forward, the market is going to be hypersensitive to any sort of Fed comments and data coming

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First Published: Sep 22 2022 | 10:09 PM IST

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