Nasdaq leads decline on Wall St, with interest rates leading

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 14, 2022. REUTERS/Brendan McDermid

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  • Financial shares on the rise
  • Energy stocks fall as Brent falls
  • All eyes on Fed policy meeting
  • Indices: Dow down 0.1%, S&P down 0.7%, Nasdaq down 1.8%

NEW YORK, March 14 (Reuters) – U.S. stocks were down on Monday afternoon, led by a more than 1% drop in the Nasdaq, as investors sold tech and high-growth stocks and focused on meeting from the Federal Reserve this week.

Developments in the Ukraine-Russia conflict prompted investors to be cautious as Russian and Ukrainian delegations held a fourth round of talks on Monday, but no new progress was announced, while Russian forces allowed a first convoy of cars to escape from the besieged Ukrainian port of Mariupol. Read more

Investors expect the Fed to raise interest rates for the first time in three years on Wednesday after its two-day meeting, amid concerns over sharply rising energy and other costs increase.

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“We’re seeing this rotation toward value at the expense of growth, and a lot of that has to do with the move in interest rates,” said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.

“Stock markets are going to be challenged in the future, and today is another example of that.”

The technology sector (.SPLRCT) was the biggest drag on the S&P 500, followed by consumer discretionary (.SPLRCD).

Shares of Apple Inc (AAPL.O) fell more than 2% after its supplier Hon Hai Precision Industry Co Ltd, known as Foxconn, suspended operations in Shenzhen, China amid rising cases of COVID-19. Read more

The Dow Jones Industrial Average (.DJI) fell 43.05 points, or 0.13%, to 32,901.14, the S&P 500 (.SPX) lost 30.22 points, or 0.72%, to 4,174.09 and the Nasdaq Composite (.IXIC) fell 233.76 points, or 1.82%, to 12,610.05.

The CBOE Volatility Index (.VIX), also known as the Wall Street Fear Gauge, rose.

Shares in the energy sector (.SPNY) fell as Brent crude fell below $110 a barrel, just a week after hitting $139 on the Ukraine crisis.

Oil and other commodity prices soared during the Ukraine-Russia conflict amid tough Western sanctions against Russia.

Financial stocks (.SPSY) gained on a jump in US Treasury yields.

Falling issues outnumbered rising ones on the NYSE by a ratio of 3.26 to 1; on the Nasdaq, a ratio of 3.05 to 1 favored the decliners.

The S&P 500 posted 11 new 52-week highs and 29 new lows; the Nasdaq Composite recorded 21 new highs and 533 new lows.

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Additional reporting by Devik Jain and entrepreneur Sabahatjahan in Bengaluru; Editing by Saumyadeb Chakrabarty, Anil D’Silva and Cynthia Osterman

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