US stocks ended a volatile session lower after a slew of Federal Reserve officials reaffirmed their determination to fight inflation aggressively.
The S&P 500 has fallen for the sixth consecutive session, its longest losing streak since February 2020, owing to harsh central bank tightening programs. The index swung between gains and losses throughout the session as Federal Reserve Chairman James Bullard joined a chorus of officials in saying that more rate hikes are needed and that economic risks remain elevated.
Since the Fed delivered a third jumbo hike and warned of more pain to come, risk assets have been in a tailspin. An escalation in Russia's energy conflict with Europe following the destruction of three pipelines in suspected sabotage drove up European natural gas prices, further bruising sentiment during the session. On Tuesday, investors digested a flurry of data, including core capital goods orders and consumer sentiment, that paint a picture of an economy that can likely withstand further harsh central bank tightening.