The S&P 500 ended lower on Friday, weighed down by Microsoft and Nvidia as investors worried that inflation and a strong U.S. economy could put the Federal Reserve on pace for more interest rate hikes.
this week that pointed to elevated inflation, a tight job market and resilience in consumer spending, giving the Fed more room for to raise borrowing costs.three more rate hikes this year and by a quarter of a percentage point each, up from their previous estimate of two rate rises.
Traders are expecting at least two more rate increases and see the Fed rate peaking at 5.3% by July as central bank attempts to cool the economy and reduce inflation. "A dark cloud has drifted over the stock market in the last two weeks based on a higher watermark for the Fed funds rate," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.
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