Shares of technology companies fell after another hawkish statement from the Federal Reserve.
Tech companies initially bounced amid hopes the Fed could finesse a "soft landing" for the economy.
The labor market is much tighter than at comparable times in previous economic cycles, which could make a recession less likely, said Fed Chairman Jerome Powell.
"When you raise rates at the pace that the Fed is raising rates to combat inflation like they have...a mild recession is inevitable, and that's nothing to be all that upset about," said Oliver Pursche, senior vice president at financial advisory Wealthspire.
Social media concern Meta Platforms and Alphabet's Google are letting employees go because of deteriorating growth prospects, without calling the moves layoffs, The Wall Street Journal reported.
A software startup backed by the venture capitalist Chamath Palihapitiya is launching a digital platform that allows companies such as mortgage lenders and home-improvement retailers to sell rooftop solar installations directly to consumers.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-21-22 1706ET
