Nasdaq Slides Over 1 Percent After Hawkish Comments From Fed’s Brainard

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, on April 4, 2022. (Brendan McDermid/Reuters)

U.S. stock indexes hit session lows on Tuesday, with the tech-heavy Nasdaq falling more than 1 percent after comments from U.S. Federal Reserve Governor Lael Brainard sparked worries about aggressive monetary policy tightening.

Brainard said she expects methodical interest rate increases and rapid reductions to the Fed’s balance sheet to bring U.S. monetary policy to a “more neutral position” later this year.

At 10:23 a.m. ET, the Dow Jones Industrial Average was down 44.19 points, or 0.13 percent, at 34,877.69, the S&P 500 was down 22.28 points, or 0.49 percent, at 4,560.36, and the Nasdaq Composite was down 187.81 points, or 1.29 percent, at 14,344.74.