U.S. stocks closed lower after Powell’s comments

U.S. stocks closed lower, snapping the longest winning streaks for the Nasdaq and S&P 500 in two years, as Treasury yields climbed after a disappointing auction of 30-year bonds and comments from Federal Reserve Chair Jerome Powell.

Powell said central bank officials “are not confident” interest rates are high enough to tame inflation.
As a result Indexes ended down: Dow 0.68%, S&P 500 0.81%, Nasdaq 0.94%.

Stocks had moved slightly lower prior to Powell’s comments as yields climbed after a weak auction of $24 billion in 30-year Treasuries with demand for the debt at 2.24 times the bonds on sale.