New York Dec 19 (Us): Stocks fell in uncertain trading on Wall Street on Monday as investors braced for higher interest rates from central banks to fight inflation, the Associated Press reports.
The S&P 500 is down 0.2% as of 10:20 AM ET. The Dow Jones Industrial Average rose 60 points, or 0.2%, to 32,983, and the Nasdaq fell 0.7%. Small cap stocks also fell. The Russell 2000 fell 0.4%.
Every major index exits two weeks of losses. Markets were tumbling as hopes of the Fed being more subdued faded amid sweltering inflation.
Last week, the Federal Reserve raised its forecast for how long interest rates should remain high to calm inflation that is hurting businesses and threatening spending. The European Central Bank also warned that more interest rate hikes are coming.
Technology stocks were among the biggest losers. Microsoft shares fell 1% and Apple 1.2%.
Facebook’s parent company fell 2.9 percent after the European Union accused the company of breaching antitrust rules by distorting competition in online classifieds.
US crude oil prices rose 2%. European markets gained and Asian markets closed lower overnight.
Treasury yields gained ground. The yield on 10-year Treasury notes, which affects mortgage rates, rose to 3.58% from 3.49% late Friday.
insignificant