Stocks Fall Amid Growth Anxiety; Yields Decline: Markets Wrap
- Powell reiterates key comments on tapering bond buying
- Oil declines amid expanding U.S. stockpiles, OPEC+ deal
WATCH: Wei Li, global investment strategist at BlackRock Investment Institute, explains why her firm is “pro risk” for the second half and discusses expectations for a higher inflation regime in the U.S.
Source: BloombergU.S. stocks declined and Treasury yields turned lower again as Federal Reserve Chair Jerome Powell’s persistent dovishness raises concern about the sustainability of the economic recovery.
Energy, consumer discretionary and technology shares weighed on the benchmark S&P 500. Growth favorites that led the recent rally such as Amazon.com and Google parent Alphabet dropped from recent all-time highs, sending the Nasdaq 100 lower. Biogen slumped as its Alzheimer’s drug faces resistance from some health plans. Oil declined amid a stronger dollar and after OPEC+ signaled it may revive output soon.