Nasdaq 100 Drops 2% as Yields Rise Before Powell: Markets Wrap
- Fed’s Collins says US may need more hikes; peak rate near
- Harker notes officials have ‘done enough’; sees hold this year
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Stocks closed near session lows as bond yields rose, with traders wading through remarks from a slew of Federal Reserve officials and awaiting Jerome Powell’s speech for clues on the interest-rate outlook.
The S&P 500 almost wiped out its weekly advance, while losses in the Nasdaq 100 topped 2%. Treasury two-year yields, which are more sensitive to imminent policy moves, climbed above 5%. The megacap space came under pressure as Tesla Inc. and Apple Inc. each dropped at least 2.6%. After touching an all-time high on earnings optimism, Nvidia Corp. — the chipmaker at the forefront of the artificial-intelligence race — finished with a gain of only 0.1%.