Stocks fall sharply as Wall Street nears third losing week

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Stocks are tumbling on Friday as the sharp, recent surge in interest rates keeps weighing on Wall Street

the central bank may indeed hike short-term interest rates by double the usual amount at upcoming meetings, starting in two weeks.

“After years of being very accommodative, the Fed has made it clear that policy is going to be tighter for the foreseeable future,” said Brian Price, head of investment management for Commonwealth Financial Network. “Their hawkish stance is giving investors pause as many are left to evaluate the impact on profit margins and multiples moving forward.”

The two-year Treasury yield, which moves more on expectations for Fed action on short-term rates, has zoomed even more. It’s at 2.72% after more than tripling from 0.73% at the start of the year. Verizon Communications slid 5.3% after it said it expects earnings for the year to fall at the lower end of the range it had previously forecast. The company also reported slightly weaker revenue than expected for the first three months of the year.

“Looking ahead, that’s putting a sour taste in investors’ mouths around the likelihood of corporate earnings being stronger for the balance of 2022,” he said.

 

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