U.S. stocks fell Thursday afternoon to cap a quarter in which Federal Reserve monetary tightening and the Russian invasion of Ukraine have weighed on sentiment and has put the S&P 500 on track for its first quarterly loss in two years.
What’s driving markets? “The worst quarter in two years isn’t so bad as the S&P 500 index is roughly 5% away from record highs,” said Edward Moya, senior market analyst at Oanda, in a note. There’s room for inflation readings to show “signs of stabilizing and decreasing within the next couple months,” said Andrew Patterson, a senior international economist in Vanguard’s investment strategy group, in a phone interview Thursday. “If they’re still trending upwards towards June, that’s when we’re really starting to talk about all the options the Fed has at its disposal.”
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