Stocks Tumble as Fed Dashes Near-Term Rate Cut Hopes
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Fed chief Jerome Powell dismissed chances of a March rate cut, sending stocks tumbling late Wednesday. The Nasdaq fell below its 21-day line.
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Microsoft, Google, AMD and other tech earnings reactions weighed on the market before Powell's comments.
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Weak economic data on hiring and wages initially boosted rate-cut hopes prior to the Fed statement.
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The 10-year Treasury yield closed below 4% for the first time since mid-January.
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Investors should wait for the jobs report dust to settle on Friday before making new buys, but be ready to exit recent positions and take some profits.