Stocks are headed south big time today with Dow down more than 700 points

This advertisement has not loaded yet, but your article continues below.Powell backed moving more quickly to combat inflation and said a 50 basis point increase would be “on the table” when the Fed meets in May.

“The rate environment is not going away. COVID is not going to disappear overnight. Earnings are going to be affected by these issues,” said Andre Bakhos, managing director at New Vines Capital LLC in New Jersey.The CBOE Volatility index, also known as Wall Street’s fear gauge, hit a five-week high.

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