• US stocks opened lower Thursday as the sell-off from a day earlier continued. 
  • The US dollar and bond yields both gained with investors seeking cover. 
  • On Wednesday, Fed chief Jerome Powell squashed hopes of a policy pivot following another jumbo rate hike. 

US stocks fell Thursday, with investors still digesting hawkish rhetoric from Federal Reserve Chairman Jerome Powell a day earlier.

The central bank's fourth consecutive 75-basis-point rate hike on Wednesday was widely anticipated, but Powell said it's still too early to pivot while and inflation remains persistent. 

"The key takeaway is that there may be slower rate hikes in the future, but these may be higher than previously anticipated," said Jamie Dutta, market analyst at Vantage. "For the Fed, it is now about the destination, not the journey. For markets, it is how long the FOMC raise rates in restrictive territory and into 2023."

Elsewhere, the Bank of England hiked benchmark interest rates by 75 basis points Thursday, dragging down gilts and the pound sterling. Both the dollar and bond yields gained. 

Here's where US indexes stood at the 930 a.m. opening bell on Thursday: 

Here's what else is happening today:

In commodities, bonds, and crypto:

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