US stocks fell for a third day as concerns about rising interest rates, economic growth, and earnings weighed on investors.
Still, bulls can take solace in the fact that the equities selloff is easing, with the S&P 500 ending down 0.8%, less than the 1.6% drop a day earlier. Despite some selling into the close, some big tech names saw dip buyers emerge as traders digested the latest Fedspeak.
Federal Reserve Governor Lael Brainard, widely regarded as a dove, stated on Thursday that interest rates will need to remain high for some time in order to further cool inflation. She didn't say whether she thought the Fed should scale back hikes at its next meeting, or what peak rate she expected this year.
Her remarks came a day after Fed hawks called for rate hikes, with St. Louis Fed President James Bullard predicting a rate range of 5.25% to 5.5% by the end of the year. Currently, the range is 4.25% to 4.5%.
Treasuries remained lower throughout the session, with the 10-year yield rising 3 basis points, mirroring moves in German bunds following the European Central Bank's head reaffirming her aggressive stance. The dollar dropped, while the euro and yen rose.
