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US Stocks Sink as Tech Gets Hit by Global Race to Raise Rates

  • Chips especially vulnerable to rising yields, recession fears
  • S&P 500 faces retest of June lows after falling below 3,800
Updated on

US equities retreated into the red for a third straight session Thursday as investors sold off technology and financial stocks amid fears of a more hawkish end to the year.  

The S&P 500 declined 0.8% with bond yields hitting multi-year highs on rates jitters. Nine of 11 major industry groups were lower, and semiconductors were the worst performers. The tech-heavy Nasdaq 100 Index sank 1.4%, while the blue-chip Dow Jones Industrial Average shed 0.4%.