However, it was not just high-growth stocks, which have struggled in 2022 as the prospect of rate rises had investors questioning their future earnings potential. The selloff hit all areas of the market, as traders headed for the exits.
"Investors aren't looking at fundamentals right now, and this is more of a sentiment issue," said Megan Horneman, chief investment officer at Verdence Capital Advisors. The U.S. central bank on Wednesday raised interest rates by half a percentage point as expected and Fed Chair Jerome Powell explicitly ruled out a hike of 75 basis points in a coming meeting.
Traders, however, on Thursday raised their bets on a 75 basis-point hike at the Fed's June meeting. IRPR Worries about Fed policy moves, mixed earnings from some big growth companies, the conflict in Ukraine and pandemic-related lockdowns in China have hammered Wall Street recently, overshadowing a better-than-expected quarterly reporting season.Traders work on the floor of the New York Stock Exchange in New York City, U.S., May 5, 2022. REUTERS/Brendan McDermid
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