US stocks mixed as market awaits more aggressive rate hikes

📉 Nasdaq 100 Index 11311.69, (0.21%)↑
📉 S&P 500 Index 3735.88, (-0.37%)↓
📉 Dow Jones Indus Avg Index 30364.83, (-0.5%)↓

🔶 US equities closed mixed amidst a rally in Treasury yields and the dollar. Gains in the Technology and energy sectors led shares higher while losses in the Utilities and Healthcare sectors led shares lower. The S&P 500 closed down for a fifth consecutive day — its longest losing streak since January. The Nasdaq 100 edged higher as Oracle (ORCL:NYSE)’S Q4 results beat expectations.

👀 Investors are focused on today’s Federal Reserve meeting which is expected to deliver larger rate hikes to curb inflation. Expectations for a 75-bps hike, the largest since 1994, surged to a startling 99.7% from only 3.9% a week ago, according to CME’s Fedwatch Tool. This swing in expectation has fueled rapid selloff across markets as investors worry about its impact on the valuation of equities and the possibility of a recession.

🖥 Twitter (NYSE:TWTR) closed higher amidst reports that Elon Musk will address twitter staff in an employees’ all-hands meeting later this week. This boosted hopes that Musk will follow through on his $44 billion deal to take the social media giant private