Growth stocks drag Wall Street lower on rate hike worries – Reuters
- Date: 12-May-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Middle East
Growth stocks drag Wall Street lower on rate hike worries – Reuters
May 12 (Reuters) - Wall Street's main indexes fell on Thursday, with growth stocks leading declines for a second straight session as investors worried that aggressive interest rate increases to curb decades-high inflation could tip the economy into recession.
Megacap stocks Meta Platforms (FB.O), Microsoft Corp (MSFT.O), Google-owner Alphabet Inc (GOOGL.O), Apple Inc (AAPL.O), Amazon.com (AMZN.O) and Tesla Inc (TSLA.O) slipped between 2% and 5.9%.
Ten of the 11 major S&P sectors declined in morning trade. Technology (.SPLRCT) and consumer discretionary (.SPLRCD) stocks fell 1.2% and 2.4%, respectively.