Stocks fell on Friday, setting the major US benchmarks up for a losing week as investors come to terms with the prospect of more interest-rate hikes ahead from the Federal Reserve.
In afternoon trading, the S&P 500 (^GSPC) slipped about 6% lower, while the Dow Jones Industrial Average (^DJI) dropped about 155 points, or 0.46%. The tech-heavy Nasdaq Composite (^IXIC) led the declines, down about 1%. All three are on course to break a run of weekly wins if the losses hold.
Fed Chair Jerome Powell doubled down on his view on Thursday that more rate increases are needed to temper inflation, joining a global chorus of hawkish central banks.
That's revived some worries about the potential hit to economies, though Treasury Secretary Janet Yellen said she now sees a lower risk of US recession. But a red-hot reading in a key gauge of Japanese inflation has underlined the pressures on policymakers.
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2023-06-23 17:34:36Z
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