US stock market suffers consecutive weekly losses as consumer sentiment and inflation concerns persist.

The Dow Jones suffered a second weekly loss as regional banks continued to feel the heat and tech lost steam, while consumer sentiment fell to its lowest in six months amid growing worries about the economy. The melt-up in tech stocks seen earlier this week ran out of steam as Treasury yields regained momentum after Federal Reserve officials suggested that further rate hikes can’t be ruled out as inflation remains too high and labor markets too tight. The chance of a U.S. debt default is about 2%, according to Williams, though he adds that markets could sell off as the risk of a no-deal on raising the debt ceiling grows.