Wall Street succumbed to selling pressure shortly after the open Friday, with the Dow plunging another 1,000 points, as hopes the Federal Reserve could pull the trigger on rate cuts faded somewhat following comments from St. Louis Fed President James Bullard.
The Dow Jones Industrial Average sank 1,000 points, or 3.9% before paring some losses. The S&P 500 lost 3.5% and the Nasdaq Composite tumbled 2.7%.
Bullard said the Fed’s “base case” is still to keep rates steady. The market is pricing in a 100% of a rate cut in March presently, with a 40% of a 50-basis-point cut, according to ’s Fed Rate Monitor Tool.
- The 10-Year Treasury yield sank to 1.168%. It hit a record low of 1.155% earlier.
