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Stocks end lower on Wall Street as tech weighs down Nasdaq

by The Associated Press | November 22, 2022 at 12:00 a.m.

By DAMIAN J. TROISE and ALEX VEIGA

AP Business Writers

Stocks ended lower on Wall Street at the beginning of a holiday-shortened week.

The S&P 500 fell 0.4% Monday, while drops in tech companies helped pull the Nasdaq down 1.1%. The Dow Jones Industrial Average held up better, ending down just 0.1%.

The Dow benefited from a big gain in Disney, which soared after replacing CEO Bob Chapek with his predecessor, Bob Iger.

Tesla's stock price fell again. Banks, health care stocks and makers of household goods did better than the rest of the market.

The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.82%.

Energy stocks were among the biggest losers in the broader market as U.S. crude oil prices declined 0.4%. Exxon Mobil fell 1.4%.

Technology stocks and retailers also weighed down major indexes. Apple fell 1.9% and Target dropped 3.3%.

Smaller company stocks also lost ground, pulling the Russell 2000 index 0.8% lower.

European markets mostly fell, while Asian markets closed lower.

Investors face a relatively quiet week. Markets in the U.S. will be closed on Thursday for Thanksgiving and will close early Friday.

The Federal Reserve will release minutes on Wednesday from its latest policy meeting and potentially give investors more insight into the central bank's fight against inflation. The Fed remains a main focus for investors as it continues raising interest rates to fight stubbornly high prices on everything from food to clothing.

The Fed has said that it could tone down the size of its rate increase, but that it may have to ultimately raise rates to a higher-than-expected level to reach its goal of taming painfully high prices. Its benchmark rate currently stands at 3.75% to 4%, up from close to zero in March.

Wall Street is concerned that the Fed could go too far in raising interest rates, which could hit the brakes hard enough on the economy to skid it into a recession. Inflation has been easing somewhat while key points of the economy, including consumer spending and employment, remain strong.

Inflation remains the main economic concern globally, but several other issues are hovering over markets.

China on Sunday announced its first new death from COVID-19 in nearly half a year as strict new measures are imposed in Beijing and across the country to ward against new outbreaks. China's ongoing strict lockdown policies have been crimping economic growth in the world's second largest economy and stressing businesses.

Print Headline: Stocks end lower on Wall Street as tech weighs down Nasdaq

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