Rising interest rates suppress the stock market, with technology stocks leading the drop😿

The higher-for-longer narrative continued to weigh heavily on equities, particularly on high-growth sectors and unprofitable companies. Energy was the only SPX subsector to be in the green yesterday, with Tech (-1%) and consumers (-1.6%) leading the move lower yesterday. Citi's index of "unprofitable tech" index fell by -3.3% yesterday, while the Russell 2000 dropped for the 8th consecutive session to the lowest levels since July.

#interestrates #technology #stock #energy #SPX500