Stocks were trading modestly lower after the opening bell Friday, with the S&P 500 turning negative for the week as Treasury yields push to levels last seen in late 2018.
An early rally for equities on Thursday turned into a rout after Federal Reserve Chairman Jerome Powell signaled that a half-point rate hike was"on the table" in May and, moreover, indicated the potential for further half-point moves in future meetings, saying that"front-end loading" of rate moves might make sense. The Dow Jones Industrial Average DJIA, -0.84% was down 211 points, or 0.6%, while the S&P 500 was off 0.4% and the Nasdaq Composite lost 0.1%.
Transition to higher interest rates means one step forward one step back at this point
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