Wall St drops amid inflation, rate hike worries; megacap growth stocks fall

Megacap growth stocks fall against rise in yields; oil prices add to inflation woes post OPEC+ output cut; US weekly jobless claims increase more than expected

Wall Street's main indexes fell on Thursday on concerns about persistent inflation and the Federal Reserve's aggressive rate-hike cycle, while shares of Tesla slipped on worries over funding for Elon Musk's proposed buyout of Twitter.
 

Before dropping, markets briefly took comfort from data which showed an increase in weekly jobless claims as it raised hopes of the Fed likely to go easy with its rapid rate hikes.
 

"The jobless claims in and of itself don't mean a huge amount; the thing is that none of this is bad enough yet to really speak seriously about a Fed pivot," said David