wall-street-in-the-red,-technology-stocks-neglected

Wall Street in the red, technology stocks neglected

by Sinéad Carew

NEW YORK (Reuters) – The New York Stock Exchange ended down on Thursday on profit taking, particularly technology stocks after three consecutive sessions of increases, while several Fed officials spoke about the need to curb rising inflation.

The Dow Jones index fell -0.49%, or 176,7 dots, to 32 113,62 dots.

The wider S&P-500 lost 67,36 points, i.e. -1.42%, to 4 659,03 points.

The Nasdaq Composite retreated on its side by 176,58 points (-2,51%) at 14 806,81 dots.

Among the eleven major sector indices of the S&P, that of technology posted the sharpest drop at the end of the session, ahead of that of health and that of non-essential consumption.

Before the Senate Banking Committee, the Governor of the Federal Reserve (Fed), Lael Brainard, expressed Thursday her confidence in the ability of the American central bank to curb the rise of the inflation, which is currently more than double the institution’s target.

“When Brainard says ‘we have to do something’, they are sure to do something,” said Brad McMillan, chief investment officer at brokerage Commonwealth Financial Network, stressing that the governor is one of the “doves” of the American central bank.

“There doesn’t seem to be much debate within the Fed yet about where to go, or how fast to get there,” he added.

Technology stocks, sensitive to the prospect of a rate hike by the Federal Reserve, have also suffered from the three consecutive sessions of increases in the Nasdaq since the start of the week.

“We’ve had a pretty nice rebound in the Nasdaq over the past few days, so there may be some lingering nervousness around Fed rates and profit taking, in especially ahead of the results,” said Sameer Samana, strategist at Wells Fargo Investment Institute in St. Louis. major tech companies releasing the following week. expectations for the fourth quarter.

Reminder of the session in Europe:

TO BE FOLLOWED FRIDAY:

(French version Jean-Stéphane Brosse)