Stocks Fall as Powell Comments and Weak Auction Send Yields Higher, Ending Rally
-
Stocks snapped winning streaks after comments from Fed Chair Powell and weak 30-year bond auction sent yields higher. Dow fell 0.65%, S&P 500 fell 0.81%, Nasdaq fell 0.94%.
-
Powell said Fed not confident rates high enough to tame inflation, may not get more help from supply improvements. Signaled hawkish stance.
-
Weak 30-year Treasury auction drove benchmark 10-year yield up 12.8 basis points to 4.636%.
-
Declines snapped 8-day winning streak for S&P 500 and 9-day streak for Nasdaq, longest since Nov 2021.
-
Walt Disney jumped 6.9% on profit beat. Semiconductor firm Arm Holdings dropped 5.2% on weak forecast.