THE Dow Jones Industrial Average fell nearly 191 points, closing at 38,714.77. Similarly, the S&P 500 sank over 33 points, ending the day at 5,117.09. The Nasdaq Composite Index shed over 155 points, closing at 15,973.17.
Seven of the eleven primary S&P 500 sectors ended in the red.
Technology and communication services were the leading laggards, with losses of 1.29 percent and 1.18 percent, respectively.
Meanwhile, energy and utilities led the gainers, rising 0.23 percent and 0.12 percent, respectively.
These declines come in the wake of a week filled with economic data indicating that while inflation is showing signs of moderating, it still remains higher than anticipated. This has raised concerns among investors about the Federal Reserve’s upcoming decision on interest rates.
Despite these concerns, there remains optimism on Wall Street for a possible rate cut in June.
