Forex
US Stocks Drift Lower on Rate Hike Bets Amid High Inflation Concerns
US stocks closed modestly lower on Friday as investors grew more confident that the Federal Reserve will soon raise interest rates to combat high inflation.
The bond market saw significant swings as bets built up that a rate hike was imminent, with some economists pointing to comments from Fed Chairman Kevin Warsh as evidence of the central bank's commitment to bringing down inflation.
The S&P 500 index fell by 0.2% after oscillating between small gains and losses throughout the morning session, while the Dow Jones Industrial Average dipped just 9 points, or less than 0.1%, and the Nasdaq composite slipped 0.5%.