Stocks open lower on Wall Street, giving back some of rally
ABC News
Stocks are opening lower on Wall Street Thursday, giving up some of the big gains they made a day earlier
NEW YORK -- Stocks are opening lower on Wall Street Thursday, giving up some of the big gains they made a day earlier. Technology companies were leading the declines. The S&P 500 lost 1.1% in the early going, while the tech-heavy Nasdaq gave back 1.7%. The S&P 500 had its biggest gain in two years a day earlier on relief that the Federal Reserve wasn’t considering even bigger interest rate hikes than it was already doing. Twitter rose after Tesla CEO Elon Musk said he had secured more backing for his bid to take over the company. Etsy fell sharply after giving a weak forecast.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — Wall Street is poised to give back some of the previous day's gains when markets open Thursday, one day after the Federal Reserve raised its key interest rate by half a percentage point as it attempts to tamp down the worst inflation in 40 years.
Futures for the Dow industrials lost 0.5% and the S&P 500 slid 0.6%. On Wednesday, the S&P 500 gained 3% for its biggest one-day increase in two years, while the Dow jumped 2.8% and the Nasdaq composite climbed 3.2%.