Business Standard

Wall Street sheds opening gains on losses in high-growth stocks

S&P 500 energy stocks among few gainers; Robinhood rises on Goldman Sachs upgrade

Wall Street, US stocks, S&P, Dow Jones

Wall Street

Wall Street's main indexes fell after opening higher on Monday, as a rally last week on easing concerns over inflation lost steam, with high-growth stocks leading declines.

"We had a nice rally last week, so I think we're seeing a little bit of profit taking this morning," said Dennis Dick, a proprietary trader at Bright Trading LLC in Las Vegas.

"The stocks that were up the most last week are the ones getting hit the hardest here today."

The tech-heavy Nasdaq Composite index, which gained 7.5% last week, fell 0.7% to lead declines among the three major indexes.

Investors were betting on the retreat

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First Published: Jun 27 2022 | 8:43 PM IST

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