Stocks Drop in an Ugly Day
Meanwhile, allure grows to buy a Treasury bill and chill
Wall Street is falling again Thursday as stock prices slump worldwide on expectations that U.S. interest rates will stay high well into next year.
The S&P 500 was 0.9 percent lower in morning trading. That follows a 0.9 percent drop from Wednesday after the Federal Reserve indicated it may cut interest rates next year by only half of what it had earlier predicted. The Fed has already hiked its main interest rate to the highest level since 2001, which helps slow inflation but at the cost of hurting investment prices.
Big Tech stocks again took the brunt of the pain because they're seen as some of the biggest victims of high rates. The Nasdaq composite was 1.3 percent lower, as of 10:15 a.m. Eastern time, as Amazon fell 3.2 percent and Nvidia dropped 1.9 percent. The Dow Jones Industrial Average was down 121 points, or 0.4 percent.
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