US stocks fall as Fed policy headwinds batter tech sector

US stocks fall as Fed policy headwinds batter tech sector

US stocks lost more ground on Friday, with the tech sector leading the downside again as investors digested moves by top central banks this week to tighten monetary policy. The Nasdaq is poised to give up all its gains from earlier in the week and finish in negative territory, while the Dow Jones Industrial Average and the S&P 500 are on track to stay positive. Markets initially spiked in the immediate aftermath of the Federal Reserve's meeting Wednesday, when policymakers accelerated the pace of bond-purchase tapering and signaled three rate hikes in 2022. Despite the Fed's more hawkish stance, Chairman Jerome Powell still indicated flexibility during his press briefing. But stocks sold off Thursday as other central banks joined the Fed. The Bank of England announced a surprise increase in interest rates, and the European Central Bank said it would wind down an emergency bond-buying program. While a separate ECB stimulus effort will ramp up, the net effect is fewer asset purchases. Elsewhere in the market, slipped as CEO in the EV maker. Since early November, his sales now total nearly $14 billion. Meanwhile, hedge fund giant but described both holdings as "a relatively small part" of his portfolio. CEO