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Each of the three major Wall Street indexes fell for the third week in a row amid heightened volatility, while the S&P 500 index suffered on Friday its biggest weekly percentage drop since March 2020 following the Federal Reserve's largest rate increase in nearly three decades. Markets have priced in aggressive rate hikes by the U.S. central bank in July and September to battle surging inflation, with some investors growing wary about whether the Fed can engineer a soft landing for the economy and avoid a recession. All eyes are now on Fed Chair Jerome Powell's testimony to the Senate Banking Committee on Wednesday for clues on future interest rate hikes.

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