Wall Street’s main indexes fell on Friday as big technology-related shares tumbled, reeling from the Federal Reserve’s decision to end its pandemic-era stimulus faster. An announcement from the Fed this week signaling three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation put pressure on heavyweight tech stocks. Growth stocks including Apple Inc., Meta Platforms, Amazon.com Inc., and Microsoft Corp. fell between 0.5 percent and 1.2 percent. Nine of the 11 major S&P 500 sector indexes fell in early trading, with a 0.9 percent decline in technology stocks weighing the most on the benchmark index. Value-oriented sectors including financials and energy, which bounced after the Fed’s announcement, fell more than 2 percent each. “It was an explicitly hawkish (Fed) meeting on Wednesday, there’s no two ways about it,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York. “A lot of people that …
Wall Street Falls After Slide in Big Tech Stocks
December 17, 2021
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