Wall Street drops on mounting worries about Fed staying hawkish

U.S. stock indexes fell on Friday, weighed down by energy and megacap growth names, as investors worried that inflation and signs of strength in the U.S. economy could put the Federal Reserve on pace for more interest rate hikes.

Wall Street indexes turned volatile this week following a strong start to 2023 as economic data pointed to elevated inflation, a tight job market and resilience in consumer spending, giving the Fed more room for to raise borrowing costs.