From Investing.com:

Stocks dropped ahead of Jay Powell’s speech today, with concerns that easing financial conditions could delay future rate cuts. Credit spreads have decreased, leading to easier financial conditions and reducing the urgency for rate cuts. Some expect Powell to discuss potential rate cuts later in the year. Despite bullish engulfing patterns in some stocks, doubts remain about the need for multiple rate cuts. The S&P 500 Index fell by 1%, bouncing off a key level. The Bank Term Funding Program is set to expire soon, potentially impacting reserves and the Fed’s balance sheet. Speculation remains on the program’s impact on stock market performance.



Read more at Investing.com: Credit Spreads Signal Easing Financial Conditions: Will Powell Sound Dovish Again?