U.S. stocks drop for sixth session as rate woes persist - BNN Bloomberg

The S&P 500 dropped for the sixth straight session, its longest losing streak since February 2020, sparked by harsh central bank tightening programs. The index swung between gains and losses throughout the session after the Federal Reserve’s James Bullard added to a chorus of officials saying more rate hikes are needed and the risks to the economy remain elevated.

“It is an unsettled market,” said Louise Goudy, partner at Crewe Advisors. “People aren’t sure what the direction and the terminal rate will be, and that’s until we get a better sense of where we’re really going. But the Fed knows that inflation is a genie that’s hard to get back in the bottle and they want to make sure that they take care of the problem at hand and while there are some signs that it is certainly cooled with their blunt hammer of discount rates.

Higher interest rates and the dollar are driving a lot of the recent selling, Shawn Cruz, head trading strategist at TD Ameritrade, said in an interview.

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