US stocks on the verge of turning negative for the year

US stocks slipped last week and are on the verge of turning negative for the year after Federal Reserve officials warned that markets had misinterpreted their intentions.

This week stocks are unlikely to stage much of a recovery, unless the Fed changes its tune.The slide might gain momentum if the odds shift on the United Kingdom leaving the European Union.

On Tuesday, in what felt like a coordinated message to markets, three different Fed regional presidents explicitly warned that a rate hike in June was on the table. Up until that time, the assumption was that the central bank would be loath to raise rates until the autumn at least.