Fed's hawkish stance causes market turbulence

Stocks turned positive in early trading on Thursday after a muted opening on the heels of the Federal Reserve's "hawkish hold" on Wednesday, which suggested more rate hikes are likely later this year while rate cuts in 2023 are now off the table. A strong retail sales figure could push the Federal Reserve to raise rates again in July, according to economists. Kroger stock fell 4% in early trading on Thursday after the grocery retailer reported quarterly earnings that disappointed on the top line. The ECB raised its three key rates by another 0.25% on Thursday, bringing its deposit facility rate to 3.5%, its main refinancing rate to 4%, and its marginal lending facility rate to 4.25%. The Nasdaq lead a retreat in stocks early Thursday, as investors digested the Fed's decision Wednesday to pause its interest rate rises, but with the promise of more hikes to come.