⚠️BREAKING: *U.S. STOCK FUTURES TUMBLE ON RATE HIKE WORRIES, GROWTH FEARS $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
- Wall Street's main indexes fell on Friday and were set for weekly declines as hawkish comments from Federal Reserve officials fueled worries of interest rates staying higher for longer.
Her comments followed a hawkish stance by Fed Chair Jerome Powell in his two-day testimony before the Senate Banking Committee earlier this week.and the Nasdaq added some gains in the previous session after Powell said the Fed will proceed with caution. "We're getting a little bit of a correction in the advance of the last three weeks or so. We've heard from the various Fed governors, Powell talk about higher interest rates," said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest.
Money markets are still pricing in one more rate hike of 25 basis points in July, according to CME Group's FedWatch tool, as opposed to two more as suggested by Powell.
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