(MENAFN- Baystreet.ca) Stocks Continue to Struggle Following Fed Moves
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Stocks slipped on Thursday after the major averages came off a day of steep losses following another large rate hike from the Federal Reserve.
The Dow Jones Industrials lost another 109.37 points to break for lunch hour at 30,074.41.
The S&P 500 let go of 29.7 points to 3,760.23.
The NASDAQ Composite stumbled 153.02 points, or 1.4%, to 11,067.17.
Industrials and consumer discretionary were the worst-performing S&P 500 sectors, losing more than 1% each. Growth-oriented tech stocks and semiconductors also took a leg lower amid fears of a slowing economy.
The Federal Reserve's signal that it may risk a recession in its inflation fight prompted Evercore ISI to slash its market forecast Thursday.
Shares of Nvidia slumped about 4%, while Qualcomm, Broadcom, and Micron Technology fell about 1% each. On the big tech front, Amazon, Apple and Netflix shed about 1% each. Tesla shares fell roughly 2%.
Treasury prices fell sharply, sending yields springing up to 3.69% from Wednesday's 3.51%. Treasury prices and yields move in opposite direction.
Oil prices gained 87 cents to $83.81 U.S. a barrel.
Gold prices stayed afloat $2.50 to $1,678.20 U.S. an ounce.
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