Tech trends impact Wall Street as rate hike bets grow
The main U.S. stock indices declined, particularly the Dow Jones, the S&P 500, and the Nasdaq, amid a sharp sell-off in semiconductor stocks and increasing concerns over tightening U.S. monetary policies. This came as shares of major tech giants such as Nvidia, Alphabet, and Intel fell, amid rising worries about hefty spending on artificial intelligence and companies’ reliance on debt financing. Market expectations also grew for a Federal Reserve interest rate hike in December, although the indices still remain on track for strong quarterly gains.
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