Markets

Stocks Back on the Defensive Following Lackluster Manufacturing Data, Tech Sector Sell-Off

Wall Street has surrendered early gains after Thursday's economic data showed that the U.S. manufacturing sector was losing momentum while technology stocks were taking on significant losses. Early pressure on the Dow Jones Industrial Average accelerated into a triple-digit loss today after Richmond Fed President Jeffrey Lacker told the Wall Street Journal the robust pace of consumer spending suggests American consumers are in doubt of the Federal Reserve's "resolve" and that an October rate hike is "needed."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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