U.S. stocks in the morning: the Federal Reserve senior officials hawk loud and clear, the three major U.S. stock indexes fell across the board
On Tuesday, Fed vice chairman nominee Brainard said that lowering inflation is a crucial task and she expects the Fed to start tapering as soon as May.
The hawkish remarks dampened investor trading sentiment, with all three major U.S. stock indexes falling on the same day, representing a plunge of more than 2% in technology stocks on the Nasdaq, the biggest drop in four weeks.
Meanwhile, Deutsche Bank economists also predicted that the United States could fall into inflation in 2023 as the Federal Reserve continues to raise interest rates. The bank expects the Fed to raise rates by 50 basis points at each of its next three rate meetings.
The Dow Jones Industrial Average fell 0.80 percent to 34,641.18 points.
The Nasdaq Composite Index fell 2.26 percent to 14,204.17 points.
The U.S. Standard & Poor's 500 Index was down 1.26% at 4525.12 points.
In the sector, FAANMG six major technology stocks, Microsoft Corporation (NASDAQ:MSFT) fell 1.30%, Meta (NASDAQ:FB) closed down 0.88%, Nifty Corporation (NASDAQ:NFLX) closed down 2.90%, Google A (NASDAQ:GOOGL) closed down 1.67%, Apple (NASDAQ:AAPL) (NASDAQ:AAPL) closed down 1.89% and Amazon.com (NASDAQ:AMZN) fell 2.55%. Other technology stocks, NVIDIA Corporation (NASDAQ:NVDA) closed down 5.22%, AMD (NASDAQ:AMD) fell 3.36%, Intel Corporation (NASDAQ:INTC) fell 2.17%, Qualcomm Incorporated (NASDAQ:QCOM) closed down 5.43%, Adobe (NASDAQ:ADBE) closed down 2.18%, Alibaba (NYSE:BABA) closed down 5.53%, Micron Technology Inc (NASDAQ:MU) fell 3.94%, and TSMC (NYSE:TSM) fell 2.19%.
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