Wall Street's main stock indexes fell more than 1% after gloomy forecasts from retailers Home Depot and Walmart.
U.S. stocks have added to their gains so far this year after its worst annual showing in more than a decade in 2022, as investors hoped the central bank's rate-hike cycle was nearing its end.
However, recent economic data has pointed to a resilient economy with inflation far from the Fed's 2% target, raising bets for two or three more 25 basis point increases. The central bank has got more wiggle room to raise rates as U.S. business activity unexpectedly rebounded in February, according to aMoney market participants see the benchmark level peaking to a 5.3% in July, and staying near those levels throughout the year.
Adding to the glum mood, yield on the U.S. benchmark 10-year Treasury note edged higher, pressuring rate-sensitive growth stocks.
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