Global stocks declined amid investor worries about rising interest rates, mounting inflation pressures and escalating trade tensions between the U.S. and China. Talk of a potential trade war sent developed-market stocks reeling at various times throughout the quarter, while emerging markets stocks powered through the turmoil.
Defensive stocks pulled markets lower, weighed down by losses in the consumer staples and telecommunication services sectors. Late in the quarter, information technology stocks came under intense pressure as several tech giants faced regulatory scrutiny and trade-related concerns. Even so, the U.S. tech sector finished the volatile quarter with a 4% gain.
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