Tech stocks lead declines as investors worry about interest rate direction

investing.com:

Investing.com — U.S. stocks were mixed, with declines led by tech stocks, as investors continued to worry about interest rates remaining higher for longer.

At 13:24 (17:24 GMT) the Dow Jones Industrial Average was up 94 points or 0.3%, while the S&P 500 was down 0.3% and the NASDAQ Composite was down 1%. Nasdaq is down for the fourth-straight day.

The major Wall Street indices closed lower on Wednesday, with the blue-chip Dow Jones Industrial Average ending almost 200 points, or 0.6%, lower, while the tech-heavy Nasdaq Composite dropped 1.1% and the broad-based S&P 500 fell 0.7%.

Sentiment has been hit this week by concerns the recent stronger-than-expected economic data and rising oil prices will prompt the U.S. Federal Reserve to keep interest rates higher for longer.

New jobless claims came in lower than expected at 216,000 last week. They had been expected to rise to 235,000 from 228,000 the prior week. 

The Fed has been closely watching the labor market for signs that the tight conditions are easing, something it wants to see to prove its inflation fighting efforts are working. 

There are also a number of Federal Reserve officials due to speak on Thursday at a fintech conference hosted by the Philly Fed, and their comments are bound to be studied for monetary policy clues ahead of entering the blackout period that precedes each policy meeting.

Data released Wednesday showed that the U.S. services sector – which makes up more than two-thirds of the American economy – unexpectedly accelerated in August, hitting a six-month high. Input costs paid by these businesses also rose. 

At the same time crude prices have risen to their highest level this year, stoking concerns about the cost of energy and its effect on