Hawkish Fed Sinks Tech Shares; Bonds Fall: Markets Wrap
- Traders flock to risk-off stock sectors; crude oil slips
- Money markets pricing sharpest Fed tightening in three decades
This article is for subscribers only.
Stocks and long-dated Treasuries maintained losses after minutes from the latest Federal Reserve meeting showed officials were laser focused on tamping down inflation.
The S&P 500 ended trading 1% lower while the tech-heavy Nasdaq 100 shed 2.2% as the minutes signaled the U.S. central bank is prepared to raise rates sharply and reduce its balance sheet to cool the economy.