By Bansari Mayur Kamdar and Shreyashi Sanyal
(Reuters) – Wall Street’s major indexes tumbled on Monday as tech stocks retreated amid expectations of higher interest rates, which propelled Treasuries yields to new two-year highs and supported the banks.
Megacap companies such as Apple, Amazon.com, Microsoft, Meta Platforms and Tesla were down between 2.1% and 4.4%.
The S&P 500’s non-essential consumer, technology and communications services sectors, which comprise major growth companies, saw the biggest decline among the index’s top 11 sectors.
The value-oriented bank index touched a new high before turning back.
The S&P 500 and Nasdaq were heading for a fifth straight day of declines on the heels of a decline in growth stocks in the first week of 2022, after investors began recalibrating their portfolios to consider a more “hawkish” Federal Reserve. ).
Goldman Sachs projects that the Fed will raise rates four times in 2022, compared to its previous forecast of three, and will begin the process of downsizing its balance sheet as early as July.
At 13:16 (GMT), the Dow Jones index fell 1.32%, to 35,752.33 points. The S&P 500 was down 1.83% to 4,591.60 points, while the Nasdaq was down 2.52% to 14,559.52 points.
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