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US stocks open lower as Fed's hawkish monetary stance continues

US stocks open lower as Fed's hawkish monetary stance continues
Dow Jones down by more than 100 points, falling by 0.35% to 29,123.03 points

By Aysu Bicer

ANKARA (AA) - US stocks opened lower Friday, as Federal Reserve's hawkish statements on monetary policies and recession concerns continue, causing the risk appetite to remain low in the markets.

Dow Jones index depreciated by more than 100 points, falling by 0.35% to 29,123.03 points.

The S&P 500 index fell 0.19% to 3,633.48 points, and the Nasdaq index was down 0.37% to 10,697.71 points.

Federal Reserve Vice Chair Lael Brainard said the central bank is “committed to avoiding pulling back prematurely” on restrictive monetary policy. He noted inflation is very high in the US and abroad, and the risk of additional inflationary shocks cannot be excluded.

Richmond Fed President Thomas Barkin also stated that inflation is widespread, high and permanent, noting that there is still significant uncertainty about the course of inflation.

San Francisco Fed President Mary Daly said additional rate hikes are necessary, but how far to go depends on the data.

The US economy technically entered a recession in spring, contracting an annualized 0.6% in Q2, following a 1.6% drop in Q1, official data showed on Thursday.

source: News Feed
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