“The aggressive rate hikes are part of a plan to tame inflation, but investors are concerned the Fed is tightening rates too far and risks slowing economic growth too much, triggering a recession,” the traders said.
Investors expect Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen to appear on Capitol Hill on Wednesday and Thursday for a semi-annual hearing in front of lawmakers.
Powell and Yellen are due to report on budget and currency projections for the rest of the year as the world’s largest economy faces the worst inflation crisis in 40 years. The 10-year Treasury bond yield rose to 3.3% from 3.2% on Friday.
Energy was the best performing sector in the S&P 500, up 5.1%, following a surge in oil prices.
Technology stocks also led the gains. Alphabet shares rose 4.1%. Apple shares rose 3.3% and Amazon shares rose 2.3%. Nvidia gained 4.3%, KLA jumped 4.9% and AMD 2.7%.
or 0.4%.
Source: Ambito
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