Major US stock indices fell further into negative territory Thursday as concerns of tighter monetary policy following yesterday’s Federal Reserve rate hike prevailed, despite weaker-than-expected economic data. The Dow Jones gave up slight early gains to drop 150 points, while the S&P 500 and the Nasdaq fell 1.2% and 1.9%, respectively. In October, US service providers expanded at the slowest pace since May 2020 amid slowed growth for new orders and production. In the meantime, rising Treasury yields pressured policy-sensitive growth stocks and the tech sector to underperform. Yesterday, the Federal Reserve unsurprisingly raised interest rates by 75bps, and fed funds futures priced a terminal rate above 5% after Fed Chair Jerome Powell signaled that rate hikes could be slower but higher than previously expected. Now, all eyes turn to October non-farm payrolls and unemployment rate data due on Friday for more clues on future interest rate hikes.