The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
Downloads
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
DOWNLOAD
grocery-2-aa
Economic Updates
Inflation Update: BSP poised for a string of rate cuts as inflation cools
DOWNLOAD
View all Reports
Metrobank.com.ph Contact Us
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investing for Beginners: Following your PATH
  • On government debt thresholds: How much is too much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph Contact Us
Access Exclusive Content Login to Wealth Manager
Search
The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
Downloads
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
May 8, 2025 DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
May 8, 2025 DOWNLOAD
grocery-2-aa
Economic Updates
Inflation Update: BSP poised for a string of rate cuts as inflation cools
May 6, 2025 DOWNLOAD
View all Reports
Economy 3 MIN READ

US STOCKS-Growth stocks drag Wall Street lower on rate hike worries

May 12, 2022By Reuters
Related Articles
Gold rebounds as bargain-hunting kicks in April 29, 2025 Oil flat as China hopes, US stock draw offset recession fears March 9, 2023 Oil settles lower as US dollar surges, investors take stock of Trump victory November 7, 2024

For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window

Beyond Meat down in volatile trading

Tapestry jumps after upbeat Q3 results

Indexes down: Dow 0.93%, S&P 1.35%, Nasdaq 1.70%

Updates to market open

By Devik Jain and Amruta Khandekar

May 12 (Reuters) – Wall Street’s main indexes fell on Thursday, with growth stocks leading declines for a second straight session as investors worried that aggressive interest rate increases to curb decades-high inflation could tip the economy into recession.

Megacap stocks Meta Platforms FB.O, Microsoft Corp MSFT.O, Google-owner Alphabet Inc GOOGL.O, Apple Inc AAPL.O, Amazon.com AMZN.O and Tesla Inc TSLA.O slipped between 2% and 5.9%.

Ten of the 11 major S&P sectors declined in morning trade. Technology .SPLRCT and consumer discretionary .SPLRCD stocks fell 1.2% and 2.4%, respectively.

The tech-heavy Nasdaq index .IXIC slumped more than 3% on Wednesday, after data showed U.S. consumer prices moderated in April but were likely to stay hot for a while and keep the Federal Reserve’s foot on the brakes to cool demand. nL2N2X315F

A Labor Department report on Thursday showed the producer price index (PPI) for final demand rose 0.5% in April, in line with expectations, compared with a 1.6% increase in March. nL2N2X32K3

“What we’re seeing is that inflation is starting to slow down but the velocity was not as fast as people had hoped. So I think markets are still scared about that,” said Gene Goldman, chief investment officer at Cetera Investment Management.

“There’s really a lot of uncertainty around the Fed right now. If they are too aggressive, that hurts economic growth, but (if) they’re too conservative, higher inflation hurts consumption, which also hurts growth.”

Growth stocks, which led Wall Street’s rally from the pandemic lows in 2020, have borne the brunt of a selloff this year as their returns and valuations are discounted more deeply when rates rise.

The S&P 500 growth index .IGX has dropped 26.8% so far this year, a much larger decline compared with a 9.1% fall in its value counterpart .IVX, which houses economy-sensitive sectors like banks, energy, and industrials.

Traders are pricing in a 61% chance of a 75 basis point hike by the Fed in June. IRPR

At 10:02 a.m. ET, the Dow Jones Industrial Average .DJI was down 294.57 points, or 0.93%, at 31,539.54, the S&P 500 .SPX was down 53.09 points, or 1.35%, at 3,882.09, and the Nasdaq Composite .IXIC was down 193.70 points, or 1.70%, at 11,170.53.

Among other stocks, Walt Disney Co DIS.N slid 3.9% after the entertainment giant’s second-quarter revenue and profit fell short of estimates and it cautioned that supply chain disruptions and rising wages could pressure finances. nL3N2X33M2

Plant-based protein maker Beyond Meat Inc BYND.O was last down 1% after breaking below its IPO price of $25 at the open as quarterly losses ballooned. nL3N2X33M7

Tapestry TPR.N climbed 10.6% after the Kate Spade owner said it was confident that demand for its luxury bags and apparel in China would recover after the key growth market lifts COVID-19 curbs. nL3N2X42R4

Declining issues outnumbered advancers for a 2.67-to-1 ratio on the NYSE and a 1.96-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week highs and 72 new lows, while the Nasdaq recorded four new highs and 1,243 new lows.

(Reporting by Devik Jain and Amruta Khandekar in Bengaluru; Editing by Sriraj Kalluvila)

((Devik.Jain@thomsonreuters.com))

This article originally appeared on reuters.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks Model Portfolio
Others
Contact Us Privacy Statement Terms of Use
© 2025 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up