Losses for the Dow were also buoyed by a decline in the shares of Boeing BA and Caterpillar CAT , which fell 3.1% and 3.5%, respectively. Powell Indicates More Rate Hikes Markets declined to session lows in the afternoon after Fed Chairman Jerome Powell stated that the U.S. Central Bank will likely continue increasing interest rates in order to keep inflation under control. Markets gained traction after White House gave an indication that the U.S. government would not want to enter into a trade war with China.