Bank of America Sheds Billions in Value & Chip Stocks Selloff | Closing Bell
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Watch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Carol Massar and Tim Stenovec. Stocks fell the most since July as a selloff in chipmakers extended a decline that was fueled by wagers the Federal Reserve will keep lifting interest rates to fight inflation. The broad upswing in consumer prices reinforced bets on rate hikes even if the Fed pauses in October. The S&P 500 snapped its longest streak without a 1% drop in over six years. The Russell 2000 entered a correction. A gauge of chip giants sank 4.3%. CoreWeave Inc.’s bonds hit levels that usually signal distress. Its chief said the market is acting “irrationally. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET Saturday & Sunday 7am-10am ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X: https://twitter.com/BloombergRadio Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surv
Tags: Carol Massar, Romaine Bostick, Tim Stenovec
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