Market reacts negatively to Powell's hawkish rate outlook and Fed's confirmation of more hikes.

US stocks fell as concerns about interest rates rose after Federal Reserve Chair Jerome Powell's testimony to Congress this week, indicating that more rate increases are likely to come in the months ahead. Powell's hawkish outlook caused the Dow Jones Industrial Average to fall by 0.5%, while the S&P 500 and Nasdaq Composite fell by 0.7% and 0.9%, respectively. The futures market predicts a greater than 70% probability that rates will rise another quarter of a percentage point when the Fed next meets in July.