MARCH-S-SYNTH-SE-6-WALL-STREET-FIN: Wall Street in the red, technology stocks neglected
© Archyde.com/BRENDAN MCDERMID
THE NEW YORK STOCK EXCHANGE ENDS LOWER
by Sinéad Carew
NEW YORK (Archyde.com) – The New York Stock Exchange ended lower Thursday on profit taking, especially technology stocks after three consecutive sessions of increases, as several Fed officials spoke out on the need to curb the increase of inflation.
The Dow Jones index fell -0.49%, or 176.7 points, to 36,113.62 points.
The larger S & P-500 lost 67.32 points, or -1.42%, to 4,659.03 points.
The Nasdaq Composite fell by 381.58 points (-2.51%) to 14,806.81 points.
Among the eleven major sector indices of the S&P, that of technology posted the largest decline at the end of the session, ahead of that of health and non-essential consumption.
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Before the Senate Banking Committee, Federal Reserve (Fed) Governor Lael Brainard on Thursday expressed confidence in the ability of the US central bank to curb rising inflation, which is currently more than double the l objective of the institution.
“When Brainard says ‘we have to do something’ they are definitely going to do something,” said Brad McMillan, investment director at the Commonwealth Financial Network brokerage, noting that the governor is one of the “doves” of the US central bank.
“There does not seem to be much debate within the Fed yet on which direction to take, or the pace to get there,” he added.
Technology stocks, sensitive to the prospect of a Federal Reserve rate hike, have also suffered from three consecutive Nasdaq hikes 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, especially ahead of results,” Sameer Samana said, strategist at Wells Fargo Investment Institute in Saint Louis.
The quarterly season kicks off on Friday with JPMorgan Chase, Citigroup and Wells Fargo banks, the big tech companies releasing the following week.
In particular values, Delta Air Lines rose 2.1% after the publication of earnings and sales above expectations for the fourth quarter.
* Reminder of the session in Europe: [.EUFR]
* TO BE CONTINUED ON FRIDAY:
(French version Jean-Stéphane Brosse)