S&P 500 falls after comments from Powell push bond yields higher

From Nasdaq: 2024-09-19 10:03:42

Stocks closed lower on Wednesday with the S&P 500 down -0.29%, Dow Jones down -0.25%, and Nasdaq 100 down -0.45% after Fed Chair Powell’s hawkish comments pushed bond yields higher. The FOMC’s decision to cut rates and upbeat housing reports initially boosted stocks. Mortgage applications rose +14.2% and housing starts in August hit a 4-month high, signaling strong economic prospects. Fed Chair Powell affirmed the Fed’s commitment to inflation and employment. Interest rates rose as European government bond yields climbed. ECB member urged continued rate cuts. Some US stock movers included chip stocks INTC and NVDA closing down -3%, Sysco down -4%, and ResMed down -5%. General Motors surged +2% on expanded charger access for EVs. PayPal rose more than +1% on a new partnership with Amazon. Earnings reports on 9/19 include DRI, FDS, FDX, and LEN.



Read more at Nasdaq: S&P 500 Falls from a Record High on Hawkish Powell