Wall Street set to open lower as rally led by growth stocks wanes [Reuters]
Microsoft Corporation (MSFT)
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Source: Reuters
that fizzled out on fears of aggressive monetary policy tightening and slowing economic growth. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 13, 2022. REUTERS/Brendan McDermid Rate-sensitive Big Tech and growth companies such as Microsoft Corp, Apple Inc, Google owner-Alphabet Inc, Meta Platforms, Tesla Inc and Amazon.com fell between 0.6% and 2.3% in premarket trading. The S&P 500 and the Nasdaq closed more than 2% higher in the previous session after strong April retail sales eased worries about slowing economic growth. Tuesday's rally followed weeks of selling on the U.S. stock market that last week saw the S&P 500 coming close to confirming a bear market from its record close on Jan. 3. Yield on the benchmark U.S. 10-year Treasury hit 3%, its highest in a week. [US/] Federal Reserve Chair Jerome Powell told the Wall Street Journal on Tuesday that the U.S central bank will keep “pushing” on rate hikes until it
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