Stock Market Today: Stocks Mixed As Hawkish Fed Rattles Markets


U.S. equity futures were mixed Thursday, while the dollar tested fresh two-decade highs against its global peers, as investors unpacked a hawkish Federal Reserve rate hike and braced for the impact of policy tightening from major central banks around the world.

The Fed’s decision to boost its benchmark Fed Funds rate by 75 basis points, to a range of 3% to 3.25%, was largely expected, but the signaling from Chairman Jerome Powell, as well as his suggestion that taming inflation is likely to induce recession, pushed stocks sharply lower by the close of trading Wednesday and carried the U.S. dollar to a fresh 20-year high against a basket of its global peers.