Wall Street Drops on Rate Worries as Tech Stocks Push Wall Street Lower

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on Aug. 22, 2022. (Brendan McDermid/Reuters)

Wall Street’s major indexes were lower Monday due to investors being concerned about Federal Reserve’s plans to continue raising interest rates against inflation, even though it may result in an economic slowdown.

The Dow Jones Industrial Average fell 95. 40 points, or 0. 30 percent, at the open to 32,188.00.

The S&P 500 opened lower by 23. 08 points, or 0. 57 percent, at 4,034. 58, while the Nasdaq Composite dropped 120. 66 points, or 0. 99 percent, to 12,021. 05 at the opening bell.