Stocks Choppy as Powell Vows to Tame Inflation; Netflix Soars on Earnings, Tesla Sinks on Cybertruck Woes

Stocks were choppy ahead of Fed Chair Powell's speech, with Netflix surging on earnings and Tesla dropping on Cybertruck concerns.

Powell reiterated inflation is too high and the Fed will do what it takes to bring it down, though policy remains data-dependent.

Netflix reported better-than-expected subscriber growth and announced price hikes, sending its stock up over 16%.

Tesla beat on earnings but fell short on revenue, and warned of challenges achieving volume production and profitability with the Cybertruck.

Major indexes jumped after Powell's speech began but quickly turned negative, with the Dow, S&P 500, and Nasdaq all closing down around 1%.