Economy
US stocks notch fourth straight weekly drop under tech sector pressure
Uncertainty surrounding AI investments and the prospect of higher interest rates in the United States drove up volatility, wiping out nearly $3 trillion in market value on the S&P 500.
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The essentials of this story
- What happened
- The Nasdaq and S&P 500 indexes posted their fourth straight week of losses, pressured by regulatory uncertainties and the outlook for higher interest rates.
- Who is affected
- Financial market investors and tech sector companies, such as Nvidia, AMD, Intel, Dell, and HP.
- What changes
- The financial market is now pricing in a 78% chance of a US interest rate hike in December, while the indexes search for new technical support levels following the correction.
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