us stocks were heading lower in the final hour of trade thursday as longterm treasury rates shot above 4 and a surprisingly resilient us economy ramped up concerns of the federal reserve needing to keep rates higher for longer to contain inflation the dow jones industrial average djia was down about 223 points or 06 to about 35298 according to factset data the sp 500 index spx was 05 lower and the nasdaq composite index comp was off 04 at last check “the entire advance in the stock market was a recession is going to happen and the fed is going to lower rates” said kent engelke chief economic strategist at capitol securities management in a phone interview but secondquarter gdp data sped up to 24 on a yearly basis compared with 2 growth in the quarter ended in march according to a thursday update fed chair jerome powell also said wednesday that fed staff view a us recession as avoidable in a press conference after the central bank bumped up its policy rate to the highest level in 22 years investors on thursday also were focused on a report indicated that japan may be looking to throw in the towel on its policy of yield curve control or keeping borrowing rates in check yields in the 10year treasury tmubmusd10y and 30year note tmubmusd30y were both shooting higher above 4 at last check according to factset