S&P 500 ends lower as recession fears take center stage
The S&P 500 dipped and the Nasdaq ended sharply lower on Wednesday after a growing wave of weak economic data deepened worries that the Federal Reserve’s rapid interest rate hikes might tip the U.S. economy into a recession.
Nvidia Corp dropped 2.1% and was among the stocks weighing most on the S&P 500 after Alphabet Inc’s Google unit said the supercomputers it uses to train its artificial intelligence models were faster and more power-efficient than comparable components made by the chipmaker.
Tesla Inc fell 3.7%, while Amazon and Apple declined more than 1%, pulling down the Nasdaq and reversing gains in some of Wall Street’s most valuable companies in recent weeks.
Caterpillar, viewed as a bellwether for the industrial sector, dropped 1.8%, bringing its loss over the past two days to 7% as investors fretted about a potential economic downturn.
The S&P 500 declined 0.25% to end the session at 4,090.38 points.
The Nasdaq fell 1.07% to 11,996.86 points, while the Dow Jones Industrial Average rose 0.24% to 33,482.72 points.
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