© Reuters.
By Liz Moyer
Investing.com — U.S. stocks were mixed on Friday after comments from Federal Reserve officials renewed interest rate fears.
As of 10:37 ET (15:37 GMT), it was up 70 points, or 0.2%, while down 0.4% and down 0.7%.
Hotter than expected on Thursday raised fears that the Fed would maintain its monetary tightening for the rest of the year. Fed Governor Michelle Bowman said on Friday that interest rates will have to rise further to control inflation. “I think there’s a long way to go before we hit our 2% target and I think we’re going to have to keep raising the fed funds rate until we see a lot more progress on that,” Bowman told a banking conference in Nashville. , Tennessee, on Friday.
And the St. Louis Fed president said he would not rule out supporting a half percentage point rate hike at the March meeting. Many market watchers have been betting on a quarter percentage point rise.
Bullard said Thursday that he supported taking the benchmark rate above 5% in February as soon as possible. The Cleveland Fed president also said she saw a strong case for a larger hike.
The president of the Richmond Federal Reserve was also scheduled to speak today.
Stocks have swung this week after economic data pointed to inflation as well as a tight job market.
Actions of Modern (NASDAQ:) fell 4.5% after its experimental mRNA flu vaccine was not as effective as an approved flu B vaccine.
DraftKings (NASDAQ:) shares rose 16.6% after the gaming company posted a smaller-than-expected loss in the quarter and raised its 2023 outlook, benefiting as more states legalize sports betting .
Deere & Company (NYSE:) shares rose 6.6% after guidance increased as farmers continue to purchase new farm equipment.
Oil fell. it was down 3.5% at $75.77 a barrel, while it was down 3.1% at $82.52 a barrel. it was down 0.4% at $1845.
