Wall Street’s main indexes fell sharply on Thursday as fresh evidence of a tight labor market and hawkish comments from policymakers deepened fears of elevated interest rates for longer than expected.
The ADP National Employment report showed a higher-than-expected rise in private employment in December, while another report showed weekly jobless claims fell last week.
The reports came a day after data showed a moderate fall in U.S. job openings, in growing evidence that the labor market remains tight.
Most big technology and growth stocks such as Alphabet Inc (GOOGL.O) and Microsoft Corp (MSFT.O) fell between 1.0% and 2.3% as U.S. Treasury yields surged on prolonged rate-hike expectations.
On the benchmark S&P 500 index, rate-sensitive real estate stocks (.SPLRCR) led the losses with a 2.9% drop, with utilities (.SPLRCU) in tow and down 2.1%.
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