Market Volatility Continues as Interest-Rate Concerns Mount and Nasdaq Experiences Unusual Activity

The Dow Jones and S&P 500 closed slightly lower as concerns over higher US interest rates persisted, causing bank shares to slip. The Nasdaq ended slightly higher. The financial sector was the biggest drag on the S&P 500, with an S&P downgrade of credit ratings for regional US lenders weighing on bank shares. Investors are looking for clarity on the rate outlook from Fed Chair Jerome Powell's speech on Friday. The benchmark 10-year Treasury yield reached nearly 16-year highs, indicating expectations of prolonged higher rates. Chip heavyweight Nvidia's results and forecast are eagerly awaited. Department stores, including Macy's, Kohl's, and Nordstrom, saw significant declines.