Wall Street stock markets fell as surveys pointing to rising inflation in the US hit investor confidence, with tech companies and other growth stocks leading the declines.
The blue-chip S&P 500 closed the trading day 0.3 per cent lower, with communication services and information technology clocking some of the sharpest declines. The Nasdaq Composite, stacked with long-duration growth stocks sensitive to higher interest rates, slipped 0.4 per cent, pairing back heavier losses earlier in the day.
The price of gold, which benefits in times of heightened uncertainty, rose $22, to $1,866 an ounce, its highest level since January and close to $200 higher than it cost just two months ago. The yellow metal is also viewed as a hedge against inflation.
Global stocks sustained their worst week since late February last week after data showed US consumer price inflation rose 4.2 per cent in April, year on year, its highest…