By Devik Jain and Sabahatjahan Contractor
(Reuters) – Growth-focused mega-cap stocks dragged down the Nasdaq and S&P 500 indexes on Thursday, as investors feared higher commodity prices caused by the Ukraine crisis will add to inflationary pressures.
Growth papers, which include Amazon.com, Microsoft Corp, Tesla and Nvidia were down between 0.8% and 2.7%.
The energy index gained 0.3% as Brent crude prices climbed to nearly $120 a barrel, their highest in nearly a decade, as sanctions on Moscow halt sales of Russian crude. Soaring prices for oil and other commodities have raised concerns about rising inflation.
Defensive indices for public services and basic consumer goods rose about 0.7% each. Of the top 11 sectors in the S&P 500, six advanced.
The CBOE Volatility Index, also known as the Wall Street Fear Measure, was trading at 31.18.
At 1:43 pm (GMT), the S&P 500 index was down 0.48% to 4,365.55 points, while the Dow Jones was down 0.28% to 33,797.00 points. The Nasdaq Composite technology index fell 1.03% to 13,610.56 points.
(By Devik Jain)
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