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US markets close lower as Powell's words urge caution

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  • US Market
  • 6 months ago
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U.S. indices closed lower yet again, mainly due to the Fed’s decision to keep rates unchanged.

The DJIA slipped by 0.4% to close at 16307.79, most of the losses coming as the yield on the 10-year Treasury yield hit an intraday high.

The 30-stock benchmark dropped as much as 249 points at its intraday low.

The S&P 500 slipped 0.21% to 2917.52, while the Nasdaq Composite fell 0.16% despite a jump in Tesla shares.

The Fed’s chief, Jerome Powell said Wednesday that recently low inflation pressures may just be “transitory,” hinting that a rate cut may not be on the horizon, which disappointed traders. Powell’s comments sparked a sudden sell-off in the previous session, with the Dow closing more than 150 points lower.

 

 

Source: Smart Trend Team