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At 10:33 ET (14:33 GMT), the Dow Jones Industrial Average was down 43 points or 0.1% while the S&P 500 was flat and NASDAQ Composite was up 0.2%.
Investors have sent stocks lower in recent trading sessions on fears that the Fed’s aggressive stance on interest rates could lead the economy into a recession.
Tech stocks weakened on Friday, breaking the Nasdaq’s eight-week upward swing, while the S&P broke a five-week winning streak.
While the Fed paused on rate hikes this month, Chair Jerome Powell has said that doesn’t mean the central bank is done tightening further, with the possibility of two more rate increases this year.
The Fed is determined to get interest rates back on a path toward the 2% annual target rate. Friday’s personal consumption expenditures index for May is expected to show prices rising 4.6% for the year.
Futures traders put a 74% probability on the Fed raising rates a quarter of a percentage point when it meets next month.
Market sentiment is also being clouded by geopolitical turmoil after an attempted revolt by Russian paramilitary operatives, which marched on Moscow over the weekend only to abruptly call off their advance. The incident is calling into question President Vladimir Putin’s hold on power.
Shares of Pfizer Inc. (NYSE:PFE) fell 4% after it said it would stop developing an experimental obesity and diabetes drug because of elevated liver enzymes found in some patients in its studies.
Lucid Group, Inc. (NASDAQ:LCID) shares rose more than 13% after the electric vehicle maker struck a deal with U.K. automaker Aston Martin (LON:AML).
Carnival Corporation (NYSE:CCL) shares fell 7% after the cruise operator lowered its annual loss forecast. Higher ticket prices and a steady demand for cruises are driving results.
Oil prices stabilized after the revolt in Russia, but traders are cautious about the potential threat to the oil supply from one of the world’s largest producers. Crude Oil WTI Futures was up 0.1% to $69.19 a barrel, while Brent Oil Futures was up 0.2% to $74.15 a barrel. Gold Futures was up 0.3% to $1,934.
