"Powell's Rate Comments Spark Stock Market Plunge: Live Updates and Angry Chinese Venting"
TL;DR Summary
The Dow Jones Industrial Average plunged over 350 points after Federal Reserve Chair Jerome Powell's comments on the need for more evidence of sustained inflation downtrend before considering rate cuts spooked markets. Treasury yields rose, and investors assessed corporate earnings, with the S&P 500 and Nasdaq also declining. Data showed US services sector growth and labor market resilience, while uncertainty over potential rate cuts prevailed. Traders expect rate cuts in May and June, and corporate earnings estimates are improving, with notable stock movements including Caterpillar's rise and Boeing's drop.
- Dow plunges more than 350 points after Fed chair's rate comments spook markets New York Post
- Stock market today: Live updates CNBC
- Angry Chinese take to US Embassy’s social media account to vent about plunging stock market CNN
- Dow Jones slumps over 300 points as Powell signals no rush to cut rates MarketWatch
- Stock market today: US stocks fall as Powell chills rate cut hopes Yahoo Finance
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