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U.S. stocks moved lower Wednesday following a sharp decline in Big Tech names during the previous session, as renewed fears over the path of interest rate cuts spurred a selloff.
The Dow Jones Industrials shed 169.31 points to 42,359.05.
The S&P 500 lost 18.33 points to 5,890.70.
The NASDAQ Composite wilted 55.86 points to 19,433.82.
Palantir, one of the biggest gainers in the S&P 500 last year rising more than 340%, was down for a third straight day, losing more than 1.3%.
Chipmaker Advanced Micro Devices shed 4% after a downgrade by HSBC.
Data released Wednesday morning showed private sector job creation in December eased more than expected, while wages grew at the slowest pace since July 2021, according to payment processing firm ADP. Investors are now turning to minutes from the Fed’s December meeting are slated for release at 2 p.m. ET.
Sentiment was also dampened after reports President-elect Donald Trump is considering declaring a national economic emergency to push through new tariffs.
Prices for the 10-year Treasury were unchanged, keeping yields at Tuesday’s 4.69%.
Oil prices lost one cent to $74.24 U.S. a barrel.
Prices for gold moved ahead $15.60 an ounce to $2,681 U.S.
