DM Monitoring
New York: Wall Street’s main indexes fell on Tuesday, led by tech-related stocks, as investors feared that rising inflation could push the Federal Reserve to tighten monetary policy faster than expected.
The outperformers of 2020, Apple (AAPL.O), Amazon.com Inc (AMZN.O), Microsoft Corp (MSFT.O), Google-parent Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O) fell between 0.8% and 2.4%, weighed the most on the S&P 500.
The 10-member NYSE FANG+TM index (.NYFANG), which includes the FAANG group of stocks alongside Tesla, Alibaba , and Twitter Inc (TWTR.N), declined 1%, extending the index’s market cap loss of more than $442 billion so far this month.
The yield on benchmark U.S. 10-year Treasury note ticked up to session high of 1.629% ahead of consumer price index report on Wednesday.
Investors have grown wary of fast price rises even though the central bank has repeatedly said it views any inflation that occurs to be transitory.
