US Stocks Move: Lithium Mining Stocks Strengthen Pre-market, Albemarle Up Over 2%, Lithium Argentina AG Up Over 3%

Dallas Federal Reserve President Logan stated that the current economic outlook means the Federal Reserve will need to implement at least two more 25-basis-point rate hikes, but these can be carried out gradually to help the market adapt to rising interest rates. The St. Louis Federal Reserve President said that further tightening of monetary policy is necessary and actions should be taken as soon as possible. Early, gradual policy adjustments would cause less disruption than larger, more abrupt measures forced upon the market in the future.

On Friday, the Nasdaq closed down nearly 3%, and together with the S&P, both recorded their largest declines in five months. Meanwhile, crude oil rebounded over 2%, with Brent oil rising for six consecutive weeks. The near-month contract premium over longer-term contracts reached $2, approaching the highest level in at least a decade. The 10-year U.S. Treasury yield hit its lowest intraday level in more than a month.

Intel's stock plummeted by 29% on Friday, marking its largest single-day drop since the 1970s.

At the close, the Dow Jones Index fell by 572.25 points (1.09%) to 51,770.31 points; the S&P 500 Index dropped by 140.30 points (1.82%) to 7,580.09 points; the Nasdaq Composite Index declined by 747.73 points (2.86%) to 25,437.00 points.