Stocks fall as Powell warns of potential need for higher rates
The S&P 500 ended the day 1.5% lower as stocks took a skid following remarks from Federal Reserve Chair Jerome Powell, who warned of the potential need for higher interest rates to combat inflation. The Dow Jones also closed over 500 points lower, while the Nasdaq also fell. The news came as a surprise to some investors who had been betting that the Fed would maintain its accommodative stance for longer.
Earlier in the day, CNBC reported on five things to know before the stock market opened on Tuesday, including rising oil prices and earnings reports from companies such as Home Depot and Walmart. Meanwhile, InvestorPlace asked the question “Why are stocks up today?” as some sectors, such as technology and healthcare, continued to perform well.
Overall, it was a volatile day for the stock market, with many investors closely watching the latest updates and live market feed from CNBC and The Wall Street Journal. As always, they will continue to track the latest developments in the markets closely in the days ahead.