Markets Fall Sharply Amid Ongoing Rate Hike Concerns

The S&P 500 traded lower for the third week in a row as investors brace for a potential 0.5% interest rate hike by the Federal Reserve.

U.S. indices traded sharply lower Friday on continued weakness following comments from Federal Reserve Chair Powell suggesting a rate hike of 50 basis points is possible for May. The Fed has indicated it may move quicker on rate hikes to curb inflation.

Fed policy outlook, rising Treasury yields and quarterly earnings reports have dragged markets lower in April. Tuesday’s session saw a 3-year high of 2.940% for the 10-year note.

On an International Monetary Fund panel, Powell said reducing inflation is "absolutely essential" and raising rates by half a percentage point in May is "on the table."

• The Nasdaq composite finished lower by 2.65% to 13,356; The Invesco QQQ Trust Series 1 QQQ lost 2.62% to $325.40
• The S&P 500 traded lower by 2.77% to 4,271; The SPDR S&P 500 ETF Trust SPY lost 2.74% to $426.04
• The Dow Jones composite finished lower by 2.47% to 11,574; The SPDR Dow Jones Industrial Average ETF Trust DIA finished lower by 2.71% at $338.27

Here are the day's winners and losers from the Nasdaq-100, according to data from Benzinga Pro.

Electronic Arts Inc. EA led the QQQ.

Intuitive Surgical, Inc. ISRG, DexCom, Inc. DXCM and Align Technology, Inc. ALGN were among the top losers for the Nasdaq-100.

Elsewhere On The Street

Earlier this month, the Labor Department reported an 8.5% increase in the consumer price index in the month of March, the highest U.S. inflation growth since 1981… Read More

On Thursday evening, Benzinga asked its followers on Twitter what they’re buying at the open on Friday. From the replies Benzinga selected one ticker for technical analysis… Read More

The competition ahead in the cannabis market from tobacco, alcohol and pharmaceutical companies was a topic of discussion this week at the Benzinga Cannabis Capital Conference in Miami Beach… Read More