Wall Street slumps as investors fear bigger Fed rate hikes

Published by
Reuters

By David French (Reuters) – U.S. stocks closed Thursday sharply lower as investor sentiment cratered in the face of concerns that the Federal Reserve’s interest rate hike would not be enough to tame surging inflation. All three main Wall Street benchmarks erased gains made during a relief rally on Wednesday. Technology megacaps slumped, including Google-parent Alphabet Inc, Apple Inc, Microsoft Corp, Meta Platforms, Tesla Inc and Amazon.com. However, it was not just high-growth stocks, which have struggled in 2022 as the prospect of rate rises had investors questioning their future earnings po…

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