Markets slide as Fed chair Powell’s comments hit stocks and bonds – business live – as it happened
Rolling coverage of the latest economic and financial news, as shares fall sharply on Wall Street and bond prices rise
- Latest: Nasdaq and S&P 500 down sharply after dovish Powell
- Yields jump after Powell speaks
Earlier:
- US jobless claims rose last week
- UK car sales slump again in lockdown
- Introduction: Bond yield worries are back
- Deliveroo picks London for IPO
We are now closing the live blog for the day
Time for a quick recap.
Stocks have fallen sharply on Wall Street, led by tech shares, as investors continue to fret about rising government bond yields and the prospect of higher inflation.
An update on how stocks are doing this afternoon:
Dow slides 460 points, Nasdaq sees correction after Powell struggles to cool bond-market jitters. Here's what's going on https://t.co/hvXrlGfbez pic.twitter.com/JQXS1rZN2k
We want labor markets consistent with our assessment of maximum employment. That means all of the things.”
With such a dovish tone, Powell failed to alleviate fears that the central bank is reacting too slowly to the recent rise in inflation expectations and long-term Treasury yields.
The Fed chair suggested that although central bank officials were closely watching the market movements, it would take much more to perturb them.
#Stocks slide on rising Treasury note yields following latest comments from #fed chair Jerome Powell on financial market conditions #Dow -400 #Nasdaq -295 #sp500 -54 Yield on 10yr note 1.54% @KNX1070 @MottekOnMoney
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