U.S. stocks fell Friday afternoon, led by weaker technology-related shares following their recent rally, as data showed U.S. consumer sentiment dropped to a six-month low.
"They've had an incredible run, so those valuation concerns are starting to manifest themselves," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.to its lowest since November as a standoff to raise the federal government's borrowing cap fanned worries about the economic outlook.
Investors worry that the Federal Reserve's aggressive interest rates hikes could push the economy into recession.
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