Tech shares pressured amid worries over interest rates
economictimes.indiatimes.comApple and other tech shares were under pressure early Thursday, as Wall Street stocks opened mostly lower amid worries over further interest rate hikes.
Shares of Apple fell more than three percent following a big drop Wednesday on a Wall Street Journal report that the Chinese government was barring the use of iPhones in government offices.
The episode has added to worries that «if China purposely chooses to make business difficult for a company like Apple… then it can do so for a lot of other US companies doing business in China,» said Briefing.com analyst Patrick O'Hare.
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 34,467.92.
The broad-based S&P 500 shed 0.5 percent to 4,442.38, while the tech-rich Nasdaq Composite Index dropped 1.2 percent to 13,700.82.
Stocks have fallen the last two days, with analysts pointing to a jump in crude prices as adding to inflationary headwinds that could prompt central banks to hike interest rates further, or keep them elevated for longer.
