Nasdaq leads Wall St lower as rate hike worries spark tech rout



(For a Reuters live blog on U.S., UK and European stock markets, click

or type LIVE/ in a news window)

* GM restores quarterly dividend after more than two years

* Deere shares drop after earnings miss

* Bed Bath & Beyond extends fall after Cohen dumps stake

* Futures down: Dow 0.57%, S&P 0.90%, Nasdaq 1.45% (Updates prices to open)

By Bansari Mayur Kamdar and Devik Jain

Aug 19 (Reuters) - Wall Street fell on Friday with megacap growth and technology stocks leading a broader market selloff as rate hike worries sapped risk appetite.

Stocks have wavered this week after minutes from the U.S. Federal Reserve's July meeting were released on Wednesday, as investors tried to get an accurate reading of the central bank's monetary policy tightening path.

The blue-chip Dow .DJI was on track to post slim weekly gains, while the Nasdaq .IXIC and the S&P 500 .SPX were headed for their first weekly loss after four straight weeks of gains.

"Lot of individual not so great news here today and it's just manifesting in an overall market selloff," said Dennis Dick, retail trader at Triple D Trading, pointing to weak results from Deere & Co DE.N , inflation numbers in Germany and a selloff in meme stocks and cryptocurrencies.

"You're getting a little bit of profit taking (after) a pretty good run for the last six weeks."

Deere fell 2.8% after it missed earnings estimates as the world's largest heavy equipment maker continues to grapple with parts shortages stemming from supply chain snarls.

The S&P 500 industrials sector .SPLRCI fell 1%.

High-growth and technology stocks such as Amazon.com Inc AMZN.O and Alphabet Inc GOOGL.O declined nearly 2% as U.S. Treasury bond yields climbed, mimicking European bonds after Germany reported record-high increases in monthly producer prices.

Banks .SPXBK also fell 1.3% and were on track to end the week lower, potentially snapping their six-week winning streak.

Meanwhile, Richmond Federal Reserve President Thomas Barkin said on Friday the U.S. central bank's efforts to control inflation could lead to a recession, but it needn't be "calamitous".

St. Louis Fed President James Bullard said on Thursday he was leaning toward supporting a third straight 75-basis-point rate hike in September, while San Francisco Fed colleague Mary Daly said hiking rates by 50 or 75 basis points next month would be "reasonable".

At 09:46 a.m. ET, the Dow Jones Industrial Average was down 192.74 points, or 0.57%, at 33,806.30, the S&P 500 was down 38.75 points, or 0.90%, at 4,244.99, and the Nasdaq Composite was down 187.97 points, or 1.45%, at 12,777.37.

The Fed has raised its benchmark overnight interest rate by 225 bps since March to fight four decade-high inflation.

Focus next week will be on Fed Chair Jerome Powell's speech on economic outlook at the annual global central bankers' conference in Jackson Hole, Wyoming.

Cryptocurrency and blockchain-related stocks dropped following a sudden selloff in bitcoin, with crypto exchange Coinbase Global COIN.O and miner Marathon Digital MARA.O down 8.5% and 11.5%, respectively.

Bed Bath & Beyond Inc BBBY.O plunged 41.1% as billionaire investor Ryan Cohen exited the struggling home goods retailer by selling his stake.

General Motors Co GM.N rose 1.8% after it said it would reinstate quarterly dividend payouts.

Declining issues outnumbered advancers for a 7.56-to-1 ratio on the NYSE and a 5.16-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week high and 29 new lows, while the Nasdaq recorded 10 new highs and 35 new lows.
Reporting by Bansari Mayur Kamdar and Devik Jain in Bengaluru; Editing by Shounak Dasgupta

Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.

Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.

Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.

Gumagamit kami ng cookies para mabigyan ka ng mahusay na karanasan sa aming website. Magbasa pa o palitan ang iyong cookie settings.

Babala sa Risk: Maaaring malugi ang iyong kapital. Maaaring hindi nababagay sa lahat ang mga produktong naka-leverage. Mangyaring isaalang-alang ang aming Pahayag sa Risk.