Tech falls as bond yields surge on Powell remarks
Tech stocks led a broadmarket drop on wall street as 10 year yields jumped during Powell's remarks about inflation. The S&P 500 slid 1.3 percent, the Dow fell 345.95 points, and the Nasdaq dropped 274.28 points as investors priced in higher rates and slower growth. Powell signaled temporary inflation, keeping policy steady.
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Fed signals patience as yields rise and inflation seen transitory
U S business action centers on the Fed keeping policy steady as Treasury yields climb and mortgage rates edge higher. Powell and regional presidents say the move signals growth prospects while inflation is viewed as temporary amid an expected reopening and spending surge.
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