US Stocks Drop With Fed Policy, China in Focus: Markets Wrap
- Oil was largely unchanged as Saudis denied output hike report
- Treasuries were mixed; the dollar climbed for a third day
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US stocks dropped as investors parsed comments from Federal Reserve officials who broadly remained steadfast in their fight against inflation. Mounting concerns that China may tighten Covid curbs after a string of reported deaths also continued to weigh on investors.
Technology stocks, which are typically more sensitive to interest rates, dragged the S&P 500 lower. The Nasdaq 100 ended the day down 1.1%. Oil emerged from a volatile session largely unchanged after Saudi Arabia denied a report that it is discussing an oil-production increase for the OPEC+ meeting next month. The dollar climbed for a third day as investors sought haven assets. Treasuries were mixed.