Stocks Drop Sharply as Fed Signals Continued Rate Hikes Ahead; Tech Sells Off on Profit Taking
• Markets ended the week lower, reversing two weeks of increases, with the Dow seeing its worst weekly decline since October.
• Fed Chair Powell reiterated the Fed won't embark on an easing path until more evidence of cooling inflation; jobs data supported "on hold" stance.
• This week focuses on inflation data like CPI on Tuesday and PPI on Thursday to gauge price stability progress.
• Tech stocks saw profit-taking and largest investor outflows in years; Nvidia fell while chip stocks Broadcom and Marvell tumbled post-earnings.
• Notable upcoming events Oracle, Adobe, Dollar Tree earnings; ex-dividend dates for Lam Research, HP, Coca-Cola.