United States stocks fell on Friday, capping a slow and sloppy week, as new economic data showed more signs of inflation and elevated the concerns of a market already edgy after the Federal Reserve's aggressive boost to interest rates.
Technology, telecommunications and bank issues slumped along with transportation shares, which lagged on high oil prices.
Cash shifted to some oil companies along with bonds and commodities-related shares, including gold.
Volume was lacklustre as uncertainty surrounding the Fed's next rate moves and a dearth of broader sector-wide news left investors in the mood to just wait and see, analysts and traders said.
'The Street's held hostage by the Fed,' said Adam Weisman, managing director at Wit SoundView. 'That's the bottom line. There is plenty of cash out there but nobody wants to deploy it yet and I don't blame them.' The Nasdaq composite dropped 148.31 points, or 4.19 per cent, to 3,390.4, dragged lower by top technology names, along with computer-chip, Internet and biotechnology stocks.
Intel, the world's biggest chip-maker, fell after the company revised its first-quarter earnings down by a penny.
