The Federal Reserve’s gloomy interest rate forecast, with rates peaking above 5 percent, was diluted by negative sales figures. US retail sales fell 0.6 percent in November compared to the previous month, according to statistics from the US Commerce Department. It is the largest decline in a single month in almost a year and significantly more than the market’s expectations, which were minus 0.3 percent.
The technology side was among the big losers. Netflix was down 8.6 percent after reports that the streaming giant is offering advertisers money back due to declining viewership.
The Dow Jones Industrial Average retreated 2.3 percent and the broad S&P 500 fell 2.5 percent. The technology-heavy Nasdaq’s composite index fell a whopping 3.2 percent.