Technology companies led stocks lower on Wall Street Thursday as investors weighed the implications of higher interest rates as the Federal Reserve prepares to begin raising rates next year to fight inflation.
Traders were also considering other moves by global central banks. The Bank of England became the first central bank among leading economies to raise interest rates. The European Central Bank still plans to trim its pandemic stimulus, but not abruptly.
The S&P 500 fell 41.18 points, or 0.9%, to 4,668.67.
The Dow Jones Industrial Average fell 29.79 points, or 0.1%, to 35,897.64.
The Nasdaq fell 385.15 points, or 2.5%, to 15,180.43.
The Russell 2000 index of smaller companies fell 42.75 points, or 1.9%, to 2,152.46.
For the week:
The S&P 500 is down 43.35 points, or less than 0.9%.
The Dow is down 73.35 points, or 0.2%.
The Nasdaq is down 450.17 points, or 2.9%.
The Russell 2000 is down 59.35 points, or 2.7%.
For the year:
The S&P 500 is up 912.60 points, or 24.3%.
The Dow is up 5,291.16 points, or 17.3%.
The Nasdaq is up 2,292.15 points, or 17.8%.
The Russell 2000 is up 177.60 points, or 9%.