Stocks turned lower on Wall Street as bond yields made another upward spike, renewing pressure on high-flying technology companies.
The S&P 500 fell 1.3% Thursday, its third straight loss. The Nasdaq pulled back 2.1%. The losses came as the yield on the 10-year Treasury rose sharply during a question-and-answer session with Federal Reserve Chair Jerome Powell during which Powell said that any pickup in inflation in coming months would likely be temporary, disappointing investors who were hoping for a firmer stance against inflation.
The S&P 500 fell 51.25 points, or 1.3%, to 3,768.47.
The Dow Jones Industrial Average fell 345.95 points, or 1.1%, to 30,924.14.
The Nasdaq fell 274.28 points, or 2.1%, to 12,723.47.
The Russell 2000 index of smaller companies fell 60.87 points, or 2.8% to 2,146.92.
For the week:
The S&P 500 is down 42.68 points, or 1.1%.
The Dow is down 8.23 points, or less than 0.1%.
The Nasdaq is down 468.87 points, or 3.6%.
The Russell 2000 is down 54.13 points, or 2.5%.
For the year:
The S&P 500 is up 12.40 points, or 0.3%.
The Dow is up 317.66 points, or 1%.
The Nasdaq is down 164.81 points, or 1.3%.
The Russell 2000 is up 172.07 points, or 8.7%.
The Associated Press