U.S. stocks were mixed Thursday, extending a streak of volatility in a market driven by worries that the Federal Reserve will hamper growth in its effort to bring inflation under control.
The S&P 500 declined 0.1% in 4 p.m. trading, after closing down 1.6% on Wednesday. The Dow Jones Industrial Average fell 0.3%, or about 104 points. The Nasdaq Composite Index edged up less than 0.1%.
Stocks have come under pressure due to concerns about the Fed’s pullback of easy monetary policies as it combats the recent bout of high inflation. Consumer prices rose in April at a slower pace than the previous month, but still faster than economists had expected, data released Wednesday showed.
That fueled more worries that the central bank will raise interest rates at an aggressive pace and crush growth, weighing on markets that had grown accustomed to loose monetary policy. Tech stocks, especially, flourished in the ultra-low interest-rate era and have tumbled sharply, with the Nasdaq Composite trading at its lowest level since November 2020.