US stocks gyrated wildly on Thursday, losing ground in afternoon trading after attempting a rebound in the morning on hawkish comments from Fed chair Jerome Powell and ECB President Christine Lagarde.
During a session at the Cato Institute, Powell reiterated that the central bank would do what it takes to tame inflation, further curbing any speculation of an imminent policy pivot. In Europe, the ECB delivered a record 75 bps rate hike, with Lagarde providing a similar view regarding the need to tame price growth while pointing to a darkening growth outlook for the eurozone.
On the corporate side, GameStop jumped over 5% after the company announced a partnership with cryptocurrency exchange FTX US. Amylyx Pharmaceuticals skyrocketed by over 50% after a panel of US regulatory advisers voted to approve its controversial drug for amyotrophic lateral sclerosis..