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Stocks moved lower Thursday as a wave of hawkish central-bank hikes dampened spirits ahead of Federal Reserve Chair Jerome Powell’s second day of testimony to Congress.
The S&P 500 (^GSPC) fell 0.24%, while the Dow Jones Industrial Average (^DJI) dropped 0.14%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.42%.
Tech stocks led the way lower in the previous session, raising questions about stocks’ recent bull run, after Powell hinted at more rate increases to come in his comments to lawmakers.
The Bank of England’s decision to increase UK interest rates by an outsized 50 basis points to 5% underlined the determination of policymakers worldwide to combat inflation. Earlier Thursday, Norway and Switzerland hiked rates to levels not seen for long over a decade.
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