New York — US stocks closed lower on Monday, adding to last week’s sharp losses on nagging concerns about the Federal Reserve’s determination to aggressively hike interest rates to fight inflation even as the economy slows.
“Friday’s sell-off was frankly overdone, I know said he was going to play tough with inflation but it is honestly not that much different from what he has been saying for the last several weeks, he was a little more hawkish but I mean who is surprised by that, really?” said Randy Frederick, vice-president of trading and derivatives for Charles Schwab in Austin, Texas.
Megacap technology and growth stocks such as Apple, off 1.37%, and Microsoft, down 1.07% were among the biggest drags on the index as Treasury yields rose.Money market traders are pricing in a 72.5% chance of a 75 basis point interest-rate hike at the Fed’s September meeting, which would be the third straight hike of that magnitude. They expect the Fed funds rate to end the year at about 3.7%.
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