Markets Fall Sharply Amid Ongoing Rate Hike Concerns

The S&P 500 traded lower for the third week in a row as investors brace for a potential 0.5% interest rate hike by the Federal Reserve.

U.S. indices traded sharply lower Friday on continued weakness following comments from Federal Reserve Chair Powell suggesting a rate hike of 50 basis points is possible for May. The Fed has indicated it may move quicker on rate hikes to curb inflation.

Fed policy outlook, rising Treasury yields and quarterly earnings reports have dragged markets lower in April. Tuesday's session saw a 3-year high of 2.940% for the 10-year note.

On an International Monetary Fund panel, Powell said reducing inflation is "absolutely essential" and raising rates by half a percentage point in May is "on the table."

• The Nasdaq composite finished lower by 2.65% to 13,356; The Invesco QQQ Trust Series 1 NASDAQ:QQQ lost 2.62% to $325.40
• The S&P 500 traded lower by 2.77% to 4,271; The SPDR S&P 500 ETF Trust NASDAQ:SPY lost 2.74% to $426.04
• The Dow Jones composite finished lower by 2.47% to 11,574; The SPDR Dow Jones Industrial Average ETF Trust NASDAQ:DIA finished lower by 2.71% at $338.27

Here are the day's winners and losers from the Nasdaq-100, according to data from Benzinga Pro.

Electronic Arts Inc. NASDAQ:EA led the QQQ.

Intuitive Surgical, Inc. NASDAQ:ISRG, DexCom, Inc. NASDAQ:DXCM and Align Technology, Inc. NASDAQ:ALGN were among the top losers for the Nasdaq-100.

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