U.S. stocks opened lower Friday, set to end the week on a negative note as investors continue to digest a change in tone by the Federal Reserve. The Dow Jones Industrial Average was down 402 points, or 1.2%, at 33,420. The S&P 500 shed around 39 points, or 0.9%, to trade at 4,183. The Nasdaq Composite dropped around 78 points, or 0.6%, to trade at 14,083. A Fed meeting saw policy makers on Wednesday pencil in two rate hikes by the end of 2023, while raising their inflation forecast and discussing the eventual tapering of monthly asset purchases. Losses for stock-index futures deepened ahead of the opening bell Friday after St. Louis Fed President James Bullard, who isn’t a voting member this year of the Fed’s policy making Federal Open Market Committee, said it was “natural” for the Fed to tilt hawkish at the meeting given recent strong inflation readings.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
