Tech Sector Leads Wall Street Decline Amid Rate Hike Concerns

Wall Street experienced a downturn as investor sentiment was dampened by the performance of tech-related shares, amid expectations for the Federal Reserve's interest rate trajectory. The technology sector, often sensitive to interest rate changes due to its impact on borrowing costs and investor risk appetite, saw significant declines leading the market lower.

Dow Jones Industrial Average Takes a Hit

The Dow Jones Industrial Average DJI felt the pressure, dropping 190.89 points, or 0.49%, closing the day at 38,714.77. The decrease reflected broader concerns in the market over potential interest rate hikes that could slow down economic growth.

SP 500 and Nasdaq Composite Follow Suit

The SP 500 SPX also faced a setback, losing 33.39 points, or 0.65%, ending the session at 5,117.09. Similarly, the tech-heavy Nasdaq Composite IXIC suffered declines, dropping 155.36 points, or 0.96%, to settle at 15,973.17. The downward movements across these major indices signaled investor caution as they re-evaluated the potential impact of fiscal tightening on equity markets.

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