us stocks remained on track for the biggest oneday drop since early march but came off session lows after cleveland federal reserve bank president loretta mester said she didnt see a need for a 75 basis point rate hike in a cnbc interview mester said she would prefer a methodical approach rather than the shock of a 75 basis point move explaining that she would be comfortable with more than one 50 basis point rise in an effort to get the fed funds rate to 25 by the end of the year the dow jones industrial average was down 746 points or 21 at 34048 after falling 893 points at its session low ahead of mesters remarks the sp 500 spx was down 22 on track for its largest oneday drop since march 7 according to factset