U.S. stocks declined in Thursday trading, a day after a brief rally and as Federal Reserve officials signaled more central bank rate hikes are on the way.
The Dow Jones Industrial Average fell 458.06 points, or 1.54%, to 29,226.68. The S&P 500 dropped 78.43 points, or 2.11%, to 3,640.61, and the Nasdaq Composite was down 314.13 points, or 2.84%, to 10,737.68.
St. Louis Fed President James Bullard said in speech Thursday that he expects the Fed to make a “fair amount of additional moves this year” to stifle inflation.
Cleveland Fed President Loretta Mester told CNBC that inflation remains too high and that the fed still has room to raise interest rates even after three-consecutive 0.75% increases.
“Inflation is still at a 40-year high,” Mester said.
Some of the stocks that fell included Apple (AAPL), which closed at $142.48, down $7.36, or 4.91%. Tesla‘s (TSLA) price of shares fell $19.27, or 6.69%, to close at $268.54.
“The gloom is back, and it’s even worse than ever,” analyst Adam Crisafulli of Vital Knowledge Media said in a note to clients.