Tech Stocks on Edge as Powell Stays on Message: Markets Wrap
- Nasdaq 100, S&P 500 benchmarks fall for third straight session
- Bitcoin climbs back above $30,000 for first time since April
US stocks slid after a renewed warning from Federal Reserve Chair Jerome Powell that higher rates would be needed to combat inflation, thwarting bets that the US central bank was nearing the end of its tightening cycle.
The Nasdaq 100 has slumped more than 2% over the past three sessions. AI and chipmakers were weak with Intel Corp. and Avanced Micro Devices Inc. falling around 6% on Wednesday. The tech-heavy benchmark and the S&P 500 Index notched three-day losing streaks, the longest since early May. Two-year Treasury yields, considered the most sensitive to interest rates, rose to 4.7% following a bounce on a strong 20-year bond auction.