Nine of the 11 major S&P 500 sector indexes fell in early trading, with technology shares shedding 0.9%, the biggest impact on the benchmark index.

Wall Street’s main indexes fell on Friday as big tech-related stocks slumped, weighed down by the Federal Reserve’s decision to end the pandemic-era stimulus period faster.

An announcement from the Federal Reserve this week to raise interest rates by a quarter of a percentage point by the end of 2022 to combat rising inflation has put pressure on technology heavyweights.

Shares of growth companies including Apple Inc, Meta Platforms, Inc and Microsoft Corp fell between 0.5% and 1.2%.

Nine of the 11 major S&P 500 sector indexes fell in early trading, with technology shares shedding 0.9%, the biggest impact on the benchmark index.

Value-oriented sectors including finance and energy, which rebounded after the Fed’s announcement, fell more than 2% each.

“It was a frank (Fed) meeting on Wednesday, and there are no two ways about it,” said Thomas Hayes, managing director at Great Hill Capital LLC in New York.

“A lot of people who have come in high cash positions or hedge against technology in case the Fed is more hawkish than expected breathed a sigh of relief in the short term or covered their shorts.”

The Nasdaq is now set to end the week 3.6% lower, while the S&P 500 is tracking down around 2%.

However, most heavy growth stocks outperformed the broader market in 2021, with the Philadelphia Semiconductor Index adding nearly 35%. The benchmark S&P 500 index is up 23% in the same period.

Global stocks also fell on Friday on concerns about the fast-spreading Omicron variant of the coronavirus, which has weighed on global trade sentiment since late November.

At 9:58 AM ET, the Dow Jones Industrial Average fell 508.31 points, or 1.42%, to 35,389.33 points, the S&P 500 fell 48.97 points, or 1.05%, to 4,619.70 points, and the Nasdaq Composite fell 117.80 points, or 0.78% . , at 15.062.63.

The expiration of stock options, stock index futures and index futures contracts later in the day, known as triple magic, is expected to cause volatility during the trading session.

Oracle shares fell 5.2 percent after a report that the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at about $30 billion. Cerner shares rose 12.9 percent.

FedEx Corp rose 7.3% after the delivery company restated its original financial forecast for 2022 on Thursday, even as labor problems continued to dent profits. Shares of peer United Parcel Service also rose 0.9%.

Declining issues outnumbered advanced stocks by 3.62 to 1 on the New York Stock Exchange and by 2.71 to 1 on the Nasdaq.

The S&P recorded 16 new 52-week highs and five new lows, while the Nasdaq recorded five new highs and 266 new lows.

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