Nasdaq Leads Decline On Wall Street, Interest Rates In Focus

Flags outside the New York Stock Exchange (NYSE) in New York City, where markets are roiling after Russia continues to attack Ukraine, in New York, USA, Feb. 24, 2022. REUTERS/Caitlin Ochs

Financial stocks are higher
Energy stocks fall as Brent falls
All eyes on Fed policy meeting
Indices: Dow down 0.1%, S&P down 0.7%, Nasdaq down 1.8%.

NEW YORK, March 14 – U.S. stocks tumbled in afternoon trading on Monday, driven by a more than 1% drop in the Nasdaq as investors sold off tech and big growth stocks and focused on the Federal Reserve meeting this week.

Developments in the Ukrainian-Russian conflict have left investors wary as Russian and Ukrainian delegations held their fourth round of talks on Monday, but no new progress was announced, while Russian forces allowed the first convoy of vehicles to leave the besieged Ukrainian port of Mariupol. More

Investors are expecting the Fed to raise interest rates for the first time in three years on Wednesday after its two-day meeting amid rising concerns over soaring energy and other costs.

“We’re seeing this spin in value rather than growth, and a lot of it has to do with what’s happening with interest rates,” said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.

“Stock markets will face challenges in the future, and today is another example of that.”

The tech sector (.SPLRCT) was the biggest drag for the S&P 500, followed by the consumer sector (.SPLRCD).

Shares of Apple Inc (AAPL.O) fell more than 2% after its supplier Hon Hai Precision Industry Co Ltd, known as Foxconn, suspended operations in China’s Shenzhen amid a surge in COVID-19 cases. More

The Dow Jones Industrial Average (.DJI) fell 43.05 points, or 0.13%, to 32,901.14, while the S&P 500 (.SPX) fell 30.22 points, or 0.72%, to 4 174.09 points and the Nasdaq Composite (.IXIC) rose 233.76 points, or 1.82%, to 12,610.05.

The CBOE Volatility Index (.VIX), also known as the Wall Street Fear Indicator, rose.

Energy stocks (.SPNY) tumbled as Brent fell below $110 a barrel, just a week after it surged to $139 due to the Ukraine crisis.

Prices for oil and other commodities jumped during the conflict between Ukraine and Russia amid tough Western sanctions against Russia.

Financial (.SPSY) shares rose on a jump in US Treasury yields.

There were more declining issues on the NYSE than rising issues at a ratio of 3.26 to 1; on the Nasdaq, a ratio of 3.05 to 1 favored the decline.

The S&P 500 posted 11 new 52-week highs and 29 new lows; The Nasdaq Composite recorded 21 new highs and 533 new lows.

Additional report by Devik Jain and Sabahatjahan Contractor in Bangalore; Edited by Somyadeb Chakrabarty, Anil D’Silva and Cynthia Osterman

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