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[Markets]
US STOCKS-Wall St sinks as strong services data causes jitters over Fed direction
The main U.S. benchmarks dropped on Monday as investors fretted that better-than-expected service-sector activity could point to the Federal Reserve hiking interest rates for longer, while shares of Tesla slid on reports of a production cut in China. This weighed on the Nasdaq, where Tesla was one of the biggest fallers, putting the tech-heavy index on course for its second straight decline. The data comes on the heels of a survey last week that showed stronger-than-expected job and wage growth in November, challenging hopes that the Fed might slow the pace and intensity of its rate hikes amid recent signs of ebbing inflation.
Published:12/5/2022 1:23:55 PM
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