Wall Street Hit by Volatility on Geopolitical Risk: Markets Wrap
- Powell says Fed proceeding carefully, leaves door open to hike
- Run-up in bond yields mostly due to term premiums: Powell
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Volatility gripped Wall Street as traders kept a close eye on any signs of a potential escalation of the Middle East conflict, while weighing Jerome Powell’s remarks for clues on the policy outlook.
After multiple twists and turns, the S&P 500 notched its third straight loss. Tesla Inc. sank over 9% on disappointing results. The US is seeing stepped-up drone attacks in Iraq and Syria, while an American destroyer in the Red Sea intercepted cruise missiles and drones fired toward Israel by Houthi rebels in Yemen.