US Stocks Drift as Fed Rate Hike Expectations Rise

US stocks are experiencing mixed trading on Friday as expectations rise for the Federal Reserve to hike interest rates soon to combat high inflation.

The S&P 500 was virtually unchanged after fluctuating between modest gains and losses throughout the morning, while the Dow Jones Industrial Average rose by 74 points or 0.1% by noon Eastern time. The Nasdaq composite, however, fell by 0.5%.

Market participants are anticipating a potential rate hike to help control inflation, which has been a major concern for investors and policymakers alike.