Stocks sank in morning trading on Wall Street, putting the benchmark S&P 500 on track for what the market considers a correction—a drop of 10% or more from its most recent high.
Stocks extended their three-week decline on Wall Street and put the benchmark S&P 500 on track to a so-called correction — a drop of 10% or more from its most recent high. The price of oil and bitcoin fell, and so did the yield on 10-year Treasury notes, a sign of investor concern about the economy.
Technology stocks again led the broader decline in the market as investors shift money away from pricier stocks in anticipation of rising interest rates. Higher rates make shares in high-flying tech companies and other expensive growth stocks relatively less attractive. The market is waiting to hear from Federal Reserve policymakers after their latest meeting ends Wednesday. Some economists have expressed concern that the Fed is already moving too late to combat high inflation.
The Fed’s benchmark short-term interest rate is currently in a range of 0% to 0.25%. Investors now see a nearly 65% chance that the Fed will raise the rate four times by the end of the year, up from a 35% chance a month ago, according to CME Group’s Fed Watch tool. Europe’s STOXX 600 index closed down 3.6% on concerns about Fed tightening and worries about the situation around Ukraine. The Russian ruble has also fallen after U.S. President Joe Biden indicated that in the event of a Russian invasion the U.S. could block Russian banks from access to dollars or impose other sanctions.
Inflation is putting pressure on businesses and consumers as demand for goods continues to outpace supplies. Companies have been warning that supply chain problems and rising raw materials costs could crimp their finances. Retailers, food producers and others have been raising prices on goods to try and offset the impact.
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