US Stocks Slide on Specter of Recession in Europe: Markets Wrap
- Nasdaq 100, S&P 500 gauges had worst week since March 10
- Powell says the US may need one or two more rate hikes in 2023
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US stocks notched the worst week since March as anxiety rose that central banks will have to ratchet interest rates higher to tamp down inflation. Bonds rallied on bets that excessive tightening will bring on sharp economic downturns.
The S&P 500 Index ended the shortened holiday week 1.4% lower while the Nasdaq 100 benchmark fell 1.3% as investors took profits from the year’s winning technology names. Chipmakers Marvell Technology Inc. and GlobalFoundries Inc. were among Friday’s laggards while drops in Microsoft Corp. and Nvidia Corp. weighed on the gauges.