by David French
(Reuters) – The New York Stock Exchange ended lower on Thursday as technology and growth stocks suffered from a rate hike decided by the U.S. Federal Reserve on Wednesday.
The Dow Jones index fell -0.35%, or 107.1 points, to 30,076.68 points.
The broader S&P-500 fell 31.94 points, or -0.84%, to 3,757.99 points.
The Nasdaq Composite fell for its part by 153.39 points (-1.37%) to 11,066.81 points.
The U.S. Federal Reserve on Wednesday announced a third consecutive three-quarters percentage point interest rate hike and hinted that it should decide on a fourth by the end of the year to bring inflation down. .
The markets had already been trending lower in recent weeks due in particular to the warnings published by several companies, such as FedEx and Ford Motor, on their results.
Of the eleven major sectors of the S&P-500, the consumer discretionary and financials sectors suffered the largest declines.
The rate hike decided by the Fed weighs particularly on the technology sector.
“If inflation continues to move the way it is, and Jerome Powell sticks to his guns, I think we’re entering a recession and we’re seeing a significant drop in earnings forecasts,” said Mike Mullaney, chief executive. Global Markets Research at Boston Partners.
In values, Amazon, Tesla and Nvidia ended down.
Major airlines, such as JetBlue Airways, United Airlines and American Airlines, also ended in the red.
(With contributions from Sruthi Shankar, Medha Singh, Devik Jain and Ankika Biswas; Camille Raynaud)
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