Stocks hit session lows, with the Dow losing 700 points as Powell's warnings rattle Wall Street

Stocks sold off sharply Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won't back off in its fight against rapid inflation.

"We do believe the Fed," said Zach Hill, head of portfolio management at Horizon Investments. "We believe what they say that rates are going to be higher for longer and we've seen some repricing of the cuts in 2023. We think there's more to go on that front and it's likely to continue to fuel equity volatility from here."

Markets have priced in a recession and are steering toward a soft landing, according to Fundstrat's Tom Lee. The communications services sector, which includes Big Tech stocks, drove the market sell-off that ensued following Federal Reserve Chair Jerome Powell's speech.

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