Wall Street slipped on worries a too-warm economy will push the Federal Reserve to keep interest rates higher for longer.
The S&P 500 fell 0.3% Thursday, its third straight loss. Big Tech stocks were particularly weak, and the Nasdaq composite lost 0.9%. The Dow held up better, rising 57 points, because it has less of an emphasis on tech.
Traders are forecasting nearly a coin flip’s chance that the Fed will raise rates again this year following reports showing the economy and job market are still humming. High rates hurt all kinds of stocks, particularly tech and other high-growth ones.