News

The S&P 500 index initially fell by 1%. Before Powell's speech, the technology sector dropped by over 2.2%, the consumer discretionary sector fell by over 1.9%, the telecommunications sector fell by over 1%, and the energy sector rose by less than 0.2%. The NASDAQ-100 index initially fell by about 1.8%, with components Moderna, Intel, MDB, Tesla, Lam Research, Amgen, GlobalFoundries, Applied Materials, and NVIDIA performing the worst, dropping by 6.5% to 4.1%. Pinduoduo ADR and Gilead Sciences led with gains of up to 0.9%. Intel fell by 6.2% initially, while Amazon and Microsoft dropped by over 2%, leading the decline among Dow components. American Express and JP Morgan rose by less than 0.8%