Wall Street’s main indexes slipped for the third straight day on Monday led by declines in health care and energy stocks as investors worried that another massive interest rate hike by the Federal Reserve could tip the U.S. economy into a recession.
Five of the 11 S&P 500 sectors were down in early trading. Health care stocks fell 1.5 percent, weighed by a 5.5 percent drop in the shares of Moderna Inc.
The energy sector slipped 1 percent as oil prices declined, pressured by expectations of weaker global demand and by U.S. dollar strength.
The S&P 500 and the Nasdaq logged their worst weekly percentage drop since June on Friday as markets fully priced in at least a 75-basis-point rise in rates during the week, with Fed funds futures showing a 21 percent chance of a whopping 100 bps increase….