Communications services companies fell as traders rotated out of high-risk sectors in the wake of weak economic data.
One strategist said there remains a path to a relatively mild economic slowdown.
"The challenge is can you slow down growth sufficiently to tame inflation without getting into a meaningful recession," said Oliver Pursche, senior vice president at financial advisory Wealthspire.
"My view is the Fed is able, and is on track to do so."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-18-23 1714ET
