Wall Street stalled today as investors took profits from last week’s big rally and considered the possibility that the Federal Reserve might not cut interest rates after all.

Wall Street succumbed to more selling today, extending Friday’s selloff in a volatile session that saw the Dow Jones industrials drop more than 300 points, rebound and then close down more than 230.

Technology shares dropped sharply on Wall Street today amid rumours that Cisco Systems will be the next company to warn of weaker profits.

The Dow Jones was higher midsession while the Nasdaq was down along with confidence in technology stocks ahead of most earnings reports, dealers said.

A profit warning from McDonald’s pulled stock prices lower today while the market was still smarting from fears of rising interest rates.

Investors opted for safety again today, selling stocks and pushing the Dow Jones industrials below 10,000 as they braced for earnings reports expected to begin in earnest next week.

Speculation about an earlier-than-expected interest rate cut by the Federal Reserve helped technology stocks stage a last-minute comeback today.