Market downturn continues as Fed worries and economic data weigh on stocks.
TL;DR Summary
US stocks closed lower on Friday, ending a weeks-long rally, as investors weighed the possibility of more interest rate hikes ahead. The sell-off was broad-based, with the Nasdaq composite index being the hardest hit. The S&P 500 and the Nasdaq logged their biggest Friday-to-Friday percentage drops since early March. The market has priced in a 74.4% likelihood that the Fed will resume hiking the Fed funds target rate by another 25 basis points at the July meeting.
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