WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
Stocks fell Wednesday as investors took a breather from last week’s market rally, and weighed Federal Reserve Chair Jerome Powell’s latest comments on inflation.
Stocks are taking a pause from the exuberance of the recent rally. Last week, the S&P 500 hit its highest level since April 2022 and posted its fifth consecutive positive week.
E-Mini Nasdaq
Some major tech stocks that enjoyed an extraordinary run because of enthusiasm around artificial intelligence pulled back. Amazon shares dropped about 0.8% after the Federal Trade Commission on Wednesday sued the online retailer.
Powell said Wednesday that more rate hikes are likely ahead as the central bank tries to combat inflation. Those comments come after the conclusion of last week’s meeting when the central bank held off from raising rates after 10 straight consecutive hikes. However, officials indicated there could be two more quarter-percentage point moves on the horizon this year.
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