Wall Street drops over 1% on rate hike worries

Wall Street indices declined sharply, with the S&P 500 and Nasdaq closing down more than 1%. Markets are closely watching for a potential interest rate hike by the U.S. Federal Reserve later this year. Data showed that the two indices lost approximately 89 and 349 points respectively. While interest rates remained unchanged for now, expectations suggest they could be increased once or multiple times by the end of 2026, amid high inflation and strong economic data such as rising retail sales.

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