U.S. stocks closed lower on Wednesday as Federal Reserve Chairman Jerome Powell’s congressional testimony reinforced the central bank’s objective to rein in inflation as he hinted at the likelihood of further interest rate hikes. | Reuters
In his testimony before the U.S. House Financial Services Committee, Powell reiterated the fact that the central bank remains “strongly committed to bringing inflation back down to our 2 percent goal,” and said it would be “a pretty good guess” that future rate hikes are in the cards if the economy continues on its current path.“Two hikes, which is what the dot plot told us,” Detrick said. “There could be one more rate hike, but I don’t think anyone’s buying the fact that there will be two.
Among the 11 major sectors of the S&P 500, energy stocks led the gainers, rebounding from its biggest daily plunge in over a month. Tech and communication services suffered the largest percentage drops.Chips weighed heavily on tech shares. The Philadelphia SE Semiconductor index dropped 2.7 percent, it’s biggest daily decline this month.
“A big portion of today’s weakness is because Tesla had one of its worst days in a while,” Detrick added. “It’s a stock that was due for a breather as well.”Package delivery firms FedEx and United Parcel Service Inc dropped 2.5 percent and 2.1 percent, respectively, after FedEx posted disappointing quarterly earnings and said waning global demand is pressuring its profit margins.
Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored decliners.
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