Investors worried about the pace of economic growth after weaker-than-expected inflation numbers and an interest rate hike from the Federal Reserve. Roselle Chen reports.
A slide in technology stocks pulled down Nasdaq. The S&P 500 ended the day in the red as well. Investors worried about the pace of economic growth after weaker-than-expected inflation numbers and an interest rate hike from the Federal Reserve. Ross Gerber of Gerber Kawasaki: (SOUNDBITE) ROSS GERBER, CO-FOUNDER, PRESIDENT AND CEO, GERBER KAWASAKI WEALTH AND INVESTMENT MANAGEMENT (ENGLISH) SAYING: "With the Fed raising rates and people getting kind of tired of waiting for anything positive happen, that maybe, if the economy really starts to slow and if the Fed keeps raising rates, then we might be looking at recession in 2018." Earlier on Wednesday, data showed U.S. consumer prices unexpectedly fell in May and retail sales recorded their biggest drop in 16 months. In corporate news, shares of Alexion Pharmaceuticals jumped after it named Biogen's chief financial officer as its CFO. Biogen's stock fell. H & R Block rose after its quarterly revenue and profit beat analysts' expectations. European shares slipped on oil drop and weak U.S. data. But Germany's Dax eked out a gain.