Stocks Rebound as Powell Strikes Dovish Tone on Inflation Drop
• U.S. stocks pushed higher on Friday, overcoming initial losses after hawkish comments from Fed Chair Powell
• Powell later struck a more dovish tone, saying inflation was declining "very meaningfully" and policy is restrictive
• Yields on Treasuries extended declines, with the 10-year yield down 9bps to 4.26%
• Economic data showed continued contraction in manufacturing and inflation on track to meet Fed's 2% target
• Pfizer stock fell after pulling back from a twice-daily dosage of its weight-loss drug candidate danuglipron