added just 5.14 points. The S&P 500 and the Nasdaq are on pace for their second consecutive losing week for the first time since December. The Dow, meanwhile, is on track for its fifth consecutive negative week, a first since May 2022.
The rise in bond yields and concerns of a potentially larger-than-expected hike from the Federal Reserve have fueled investor concern in recent days, putting a dent in the early 2023 rally. "You have a situation where if rates stay high, multiples need to come in, and it likely leads to a further downfall down the line in the economy because there is a lag effect to these rate hikes," Cantor Fitzgerald's Eric Johnston said on CNBC's "
" on Wednesday. "And then once the economy falls, then earnings would have a fairly long way to go to the downside."On the economic front, investors await jobless claims, and unit labor costs and productivity data. A speech from Fed Governor Christopher Waller is also slated for Thursday afternoon.
Man don't you ever disrespect me looking like Mike Smith from Trailer Park Boys