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Investors shift focus to growth stocks China exposure to win

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People use their smartphones to take pictures outside The Wynn Macau Casino Resort, operated by Wynn Resorts Ltd., in Macau, China, on Tuesday, Jan. 30, 2018.

Billy HC Kwok | Bloomberg | Getty Images

As 2023 begins, Wall Street appears to be shifting its focus from inflation to growth.

Investors apparently believe the Federal Reserve has inflation under control after dramatically raising interest rates over the past year. Now those higher rates are fueling fears of a US recession.