Di Liz Moyer
Investing.com – The S&P 500 was up in the week’s session after the Treasury fell back below 4%. The 10-year hit a four-month high on Thursday, with investors concerned that the Federal Reserve will keep rates higher for longer.
The 2-year Treasury came in at 4.855% after hitting levels not seen since 2007.
Economic data continues to show a tight labor market and higher costs for businesses, fueling fears that the Fed will need to continue raising interest rates. Fed Governor Chris Waller and Atlanta Fed Chairman Raphael Bostic said Thursday that they were open to higher rate hikes than they thought necessary.
According to the Fed rate monitor, which measures 30-day fed funds futures, the market is more likely to expect three rate hikes of 25 basis points each for the next meetings in March, May and June, with a peak of 5 .75% at the end of the year.
Hawkish comments from Fed officials led market observers to expect at least three more rate hikes by a quarter of a percentage point each, starting this month.
Marvell Technology Group Ltd (:MRVL) is shedding 7.7% after the semiconductor maker provided first-quarter earnings and revenue forecasts lower than analysts’ estimates.
Costco Wholesale Corp (NASDAQ:NASDAQ:) fell 3.2% after the major retailer posted disappointing second-quarter revenues, a sign that inflation is forcing consumers to cut back on discretionary spending.
Silvergate Capital Corp (NYSE:), in slump after corporate contact woes, is shedding 13% after it lost 57% on Thursday. Sharp declines follow on Coinbase Global Inc (NASDAQ:).