US stocks drop on stubbornly high inflation and Fed officials' comments on more rate hike to come
US stocks finished in the red Thursday after hotter-than-expected wholesale price data was followed by two Federal Reserve officials saying they would back upsizing rate hikes to ease inflationary pressures.
None of the 11 sectors on the S&P 500 rose, with the broad pullback set off by the Labor Department's producer price index report showing a 0.7% increase in January after a 0.2% dip in December. "[Coupled] with a hotter-than-expected Consumer Price Index , markets have priced in a Federal Reserve probability of more rate hikes than initially anticipated," Quincy Krosby, chief global strategist at LPL Financial, said in a note."With the futures market now pricing in a strong probability of two more 25-basis-point rate hikes this year, probability is edging higher for a third hike.
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