US stocks closed lower on Friday, capping a week dominated by Federal Reserve Chairman Jerome Powell's testimony in which he signaled more interest rate hikes ahead
With few market-moving catalysts this week aside from Powell's congressional testimony, all three indexes notched weekly losses, ending a weeks-long rally.broke its five-week rally, its longest since November 2021.
"It has been an overbought market, and giving a little bit back," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. " has been momentum-driven, with fairly broad participation, and there's nothing surprising about markets taking a pause, and the pause has been fairly orderly.
Financial markets have baked in a 74.4% likelihood that the Fed will resume hiking the Fed funds target rate by another 25 basis points at the July meeting, according to CME's FedWatch tool.
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