U.S. Stocks Fall, Treasuries Mixed on Powell-Speak: Markets Wrap
- Apple advances after earnings; West Texas crude pares gains
- Dollar rises against major peers, euro and yen decline
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U.S. equities fell the most in two months, while two-year Treasury yields rose as Jerome Powell dented hopes that the Federal Reserve is poised to continue easing after delivering the first interest-rate cut in over a decade.
The S&P 500 Index fell as much as 1.8% after the Fed chairman said the quarter-point cut amounted to a “mid-term policy adjustment,” fueling speculation the central bank is not necessarily at the start of an easing cycle. The measure rebounded after Powell said the Fed hasn’t ruled out further cuts, closing down 1.1%. President Donald Trump said in a tweet "Powell let us down" with the size of the rate cut.