Market Tumbles as Powell Steers Away from Rate Cuts

Wall Street's main indexes saw a downturn as Federal Reserve Chair Jerome Powell indicated no urgency in cutting interest rates. This led to a rise in bond yields, adversely affecting rate-sensitive stocks. The Dow Jones, S&P 500, and Nasdaq all experienced declines at the opening session.

Financial markets opened on a downtrend Friday following remarks from Federal Reserve Chair Jerome Powell. He signaled that there is no immediate need to reduce interest rates, which in turn boosted bond yields, exerting pressure on equities sensitive to interest rate changes.

At the opening bell, the Dow Jones Industrial Average experienced a drop of 162.9 points, amounting to a 0.37% decline, settling at 43,587.93. Similarly, the S&P 500 declined by 36.4 points, or 0.61%, to reach 5,912.79 during its initial trading session.

The tech-heavy Nasdaq Composite also faced a setback, decreasing by 177.7 points, or 0.93%, to open at 18,929.916. Investors are closely watching the Federal Reserve's moves as they evaluate the economic landscape.

(With inputs from agencies.)