U.S. stock indexes slipped on Friday led by major technology firms, while uncertainty over higher corporate taxes and an upcoming Federal Reserve meeting also weighed on sentiment.
was the worst performer among the main U.S. indexes and was set for its worst day since late July as a batch of strong economic readings encouraged investors to pivot into economically sensitive sectors and out of tech this week.
The three major indexes are now set for weekly losses, with the S&P 500 headed for its worst two-week performance since late February. "We anticipate large cap volatility as changes to U.S. corporate tax rates play a role going forward as the two sides negotiate, particularly for the 'low tax' sectors implicated such as tech and biotech, and companies with hefty international revenues," Dudley said.
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