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Economy2 days ago· 1 min read

Stock Market Falls as Tech Stocks Decline, Nasdaq Drops 1.5%

Stock Market Falls as Tech Stocks Decline, Nasdaq Drops 1.5%

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U.S. stock markets declined on May 18 as investors worried about inflation and rising interest rates. The S&P 500 lost 1.2%, the Nasdaq fell 1.5%, and the Dow Jones dropped 1.1%, with technology stocks particularly hard hit.

Markets Decline on Inflation Concerns and Rate Anxiety

Market Performance

The S&P 500 lost 1.2% or 92.74 points, to end at 7,408.50. The tech-heavy Nasdaq Composite declined 1.5% to close at 26,225.15. The Dow Jones Industrial Average (DJI) fell 1.1%, or 537.29 points, to close at 49,526.17.

Sector Performance

The Materials Select Sector SPDR (XLB), the Utilities Select Sector SPDR (XLU) and the Industrials Select Sector SPDR (XLI) fell 2.7%, 2.4% and 1.8%, respectively, while the Energy Select Sector SPDR (XLE) rose 2.3%. The Dow's major loser was NVIDIA Corporation NVDA. The stock price of this computing infrastructure company fell 4.4%.

Economic Data

Industrial production increased by 0.7% in April. The March reading was revised to a decline of 0.5% from the previously reported decline of 0.3%. Capacity Utilization in April came in at 76.1%, above the Zacks Consensus Estimate of 75.8%.

Investor Sentiment

The fear gauge, the CBOE Volatility Index (VIX), increased 6.8% to 18.43.

#U.S. Economy#Financial Markets#Interest Rates

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