Tech Stocks Lead Indexes Lower On Wall Street

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Stocks are opening lower and bond yields are rising on Wall Street again as investors try to estimate how quickly the Federal Reserve will move to pull back on its support for the economy and switch to fighting inflation. Technology companies including chipmakers were taking some of the biggest hits in the early going Wednesday, pulling the Nasdaq composite down 1.7%. The broader S&P 500 index gave up 1.1%.

The Dow Jones Industrial Average slipped 0.9%. Investors will be looking closely at minutes released later in the day from the Fed’s latest policy meeting for more clues about its next steps. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. markets were on track to open lower on Wednesday, after a Federal Reserve official’s comments fueled expectations of more aggressive rate hikes and the White House announced more sanctions on Russia.

On Wall Street, futures for the S&P 500 tumbled 0.9% and the same for the Dow Jones Industrial Average retreated 0.7%. Shares in London and Frankfurt were sharply lower in midday trading. Tokyo and Hong Kong fell, while Shanghai was little changed. Oil prices rose more than $1 per barrel, nearly reversing Tuesday’s losses.

Wall Street’s S&P 500 index tumbled 1.3% on Tuesday after Fed Governor Lael Brainard said reining in inflation that is at a four-decade high is of “paramount importance.” Brainard said the Fed is set to keep raising rates after its March hike, its first in four years, and might decide at its May meeting to reduce bond holdings “at a rapid pace.”

Wall Street is watching for clues as to how sharply interest rates will rise. On Wednesday, the Fed is due to release minutes from its March interest rate meeting.

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Tech stocks lead indexes lower on Wall Street