Stocks erased gains and bond yields spiked after Jerome Powell signaled the Federal Reserve will steadily unwind its pandemic-era stimulus as it fights elevated inflation.
The S&P 500 posted a back-to-back drop after rallying more than 2% earlier in the day. Meantime, the dollar climbed to a one-month high and 10-year Treasury yields approached 1.9%. In late trading, an $183 billion exchange-traded fund tracking the Nasdaq 100 whipsawed after Tesla Inc. said supply-chain troubles will limit production into 2022, while Intel Corp. gave a disappointing profit forecast.
