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NEW YORK: Losses on Wall Street deepened near midday Monday on worries that rising inflation and interest rates will hit consumer spending and slow the economy.

Near 1555 GMT, the Dow Jones Industrial Average was down 1.4 percent at 32,433.31, and the broad-based S&P 500 fell 2.2 percent to 4,031.59.

The tech-rich Nasdaq Composite Index slumped 3.0 percent to 11,778.18, but had lost more than 3.5 percent at its worst point.

Stocks have been under pressure since Thursday as markets grapple with the Federal Reserve's shift towards higher interest rates to contain surging inflation.

"With a weekend to think over how last week ended, it is clear this morning that market participants are not yet comfortable with the idea of buying on the weakness," said Briefing.com analyst Patrick O'Hare.

Wall St Week Ahead: Battered US stocks may not be bargains as investors brace for inflation data

"There are misgivings about the achievability of earnings growth estimates and the resiliency of the US consumer in the face of persistent inflation pressures and rising interest rates."

Large tech names were generally lower, with Apple, Amazon, Facebook and Netflix all down at least two percent.

Travel shares also were under pressure, with American Airlines down 5.4 percent, Carnival 7.4 percent and Marriott International 2.8 percent.

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