US stocks fell on Thursday, giving up most of their gains from the previous day, as investors digest more interest rate hikes by central banks.

The Fed hiked interest rates by 75 basis points on Wednesday in order to tame rising inflation and avoid a recession.

A surge in oil prices has caused inflation to sit at 40-year highs.

Interest rates are being raised in an attempt to reduce inflation. In the past week, central banks in England, Switzerland, Taiwan and Brazil have raised interest rates. Higher interest rates increase the cost of capital for businesses and increase the discount rate used in stock valuation models as a result of the surge in interest rates

Shortly after the 9:30 a.m., the US index stood here. On Thursday, it's open.

According to analysts at Wells Fargo, an economic recession will happen in 2023 because it's becoming harder for the Fed to nail a soft landing.

The recession will be similar to the downturn of 1990-1991 in magnitude and duration. Wells Fargo said in a note to clients that the recession lasted for two quarters.

The Fed's interest rate hike didn't help the prices of cryptocurrencies, which are currently at levels not seen in more than a year. Jeff Gundlach, a billionaire investor, thinks there's more pain to come for the digital currency.

Russia could be on the verge of default for the first time in a century. The grace period for Russia's debt payments ends in June. The US allowed a payment exemption to end in May, which has made it difficult for Moscow to make payments to American holders of Russian debt.

The price of West Texas Intermediate crude oil fell. The price of oil dropped as much as 0.51%.

The price of the digital currency fell to $21,178. The price of ether fell to $1,116.

The price of gold increased as much as 0.54%. The yield on the Treasury went up.