The S&P 500 fell 28.83, or 0.7 per cent, to 4,090.75. The Dow Jones Industrial Average lost 270.29, or 0.8 per cent, to 33,414.24, and the Nasdaq composite slipped 55.18, or 0.5 per cent, to 12,025.33.
Powell also said that even though traders are hoping for cuts to rates later this year, which can act like steroids for markets, he doesn't expect them to happen that quickly. The Fed's next meeting is next month. Also potentially putting a downer on the market, Jacobsen said, was Powell's repeated references to a survey soon to be released, one that will show how much loan officers at banks say they're tightening lending standards.
Powell said he's still hopeful the economy can avoid a recession, but he acknowledged that "we always have to balance the risk of not doing enough and not getting inflation under control against maybe the risk of slowing economic activity too much." On the opposite end was Eli Lilly, which rose 6.7 per cent after reporting encouraging results from a study of a treatment for Alzheimer's disease. Kraft Heinz rallied 2 per cent after beating analysts' forecasts for profit and revenue.
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