Stocks Snap Rally as Recession Fears Mount: Markets Wrap
- Treasury yields decline; the dollar falls after earlier gains
- First-half losses for S&P 500 shape up as biggest since 1970s
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US stocks slumped after Federal Reserve Chair Jerome Powell reiterated his commitment to curb inflation and acknowledged the risk of recession, even as some traders now expect the central bank to closely monitor the impact of its rate hikes on the economy.
The S&P 500 snapped a two-day rally and the tech-heavy Nasdaq 100 also fell. Treasury yields declined with the 10-year yield hovering around 3.15%. The dollar fell after earlier gains while other safe haven assets such as gold climbed.