Stocks Close Lower, on Target for Weekly Losses

Stocks fell for a second session on Thursday following the Federal Reserve’s aggressive rate hike, as investors increasingly fear the central bank will push the economy into a recession as it battles to curb rising inflation.

The Dow Jones Industrials lost 107.1 points to end Thursday’s session at 30,076.68. The 30-stock index flirted with gains through the day but stayed in negative territory for most of the session.

The S&P 500 retreated 31.94 points to 3,760.23.

The NASDAQ Composite slid 153.39 points, or 1.4%, to 11,066.81.

Defensive stocks outperformed with drugmakers and consumer staples in the green on Thursday. Eli Lilly shares gained 4% after UBS upgraded the stock and said it could be developing the biggest drug ever.

Shares of Cano Health surged more than 40% in late afternoon trading following a Wall Street Journal report that Humana and other potential buyers are in talks to buy the primary-care provider.

All the major averages are on pace to finish the week with losses. The Dow is down about 2.1%, while the S&P is negative 2.6%, and NASDAQ has tumbled 3.1%.

Treasury prices fell sharply, sending yields springing up to 3.70% from Wednesday’s 3.51%. Treasury prices and yields move in opposite direction.

Oil prices gained 59 cents to $83.53 U.S. a barrel.

Gold prices gained $4.50 to $1,680.20 U.S. an ounce.