US equities slid late in the day on Wednesday led by some of the stocks most favoured by investors through the pandemic but less popular as the economy recovers.
Wall Street’s blue-chip S&P 500 index dropped 0.6 per cent, with technology and real estate stocks — seen to be sensitive to rising interest rates as the US economy rebounds — among the worst-performing sectors.
The sectors’ slide proved enough to erase earlier gains for the index that had been propelled by a rise in energy shares after a giant container ship became stuck on the Suez Canal, blocking the quickest seaborne route between Europe and Asia for more than a day.
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