The stock market was having a strong day in the early going, but things went south late in the afternoon as major indexes ended in the red. The Dow fell 313 points to 34,715, the S&P 500 fell 50 points to 4,482, and the Nasdaq fell 186 points to 14,154. The Dow's loss was under 1%, while the others were above it. At one point, however, the benchmark S&P was actually up 1.5%, per the AP. Technology stocks were among those giving up early gains. Chipmaker Nvidia fell 1.8%. The sector once again directed the broader market: As investors prepare for higher interest rates, shares in pricey tech companies and other expensive growth stocks look relatively less attractive.
Stocks are headed for weekly losses in what has so far been a losing month for every major index. The downturn follows a strong 2021 where the S&P 500 gained 26.9%. Investors may be resetting their expectations moving ahead, said Mark Hackett, chief of investment research at Nationwide. “Investors are starting to get more realistic about the way the world is going to look going forward,” he said. The Fed is now expected to raise interest rates earlier and more often in order to fight rising inflation that threatens to derail a further economic recovery. Supply chain problems and higher raw materials costs have prompted businesses to raise prices on finished goods, and economists are concerned that consumers will eventually grow tired of paying higher prices and cut their spending.
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