Wall Street slipped on worries a too-warm economy will push the Federal Reserve to keep interest rates higher for longer.
The S&P 500 fell 0.3% Thursday, its third straight loss. Big Tech stocks were particularly weak, and the Nasdaq composite lost 0.9%. The Dow held up better, rising 57 points, because it has less of an emphasis on tech.
Traders are forecasting nearly a coin flip’s chance that the Fed will raise rates again this year following reports showing the economy and job market are still humming. High rates hurt all kinds of stocks, particularly tech and other high-growth ones.
On Thursday:
The S&P 500 fell 14.34 points, or 0.3%, to 4,451.14.
The Dow Jones Industrial Average rose 57.54 points, or 0.2%, to 34,500.73.
The Nasdaq composite fell 123.64 points, or 0.9%, to 13,748.83.
The Russell 2000 index of smaller companies fell 18.52 points, or 1%, to 1,855.76.
For the week:
The S&P 500 is down 64.63 points, or 1.4%.
The Dow is down 336.98 points, or 1%.
The Nasdaq is down 282.98 points, or 2%.
The Russell 2000 is down 65.07 points, or 3.4%.
For the year:
The S&P 500 is up 611.64 points, or 15.9%.
The Dow is up 1,353.48 points, or 4.1%.
The Nasdaq is up 3,282.35 points, or 31.4%.
The Russell 2000 is up 94.51 points, or 5.4%.
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