(CNBC) Stocks fell on Thursday as interest rates continued to rise following comments on Wednesday by Federal Reserve Chairman Jerome Powell.
The Dow Jones Industrial Average fell 122.35 points or 0.46% to 26307.79 with most of the losses coming as the yield on the 10-year Treasury yield hit an intraday high. The 30-stock benchmark dropped as much as 249 points at its intraday low. The S&P 500 slipped 0.21% to 2917.52, while the Nasdaq Composite fell 0.16% despite a jump in Tesla shares.
Powell said Wednesday that recently low inflation pressures may just be “transitory,” hinting that a rate cut may not be on the horizon, which disappointed traders. Powell’s comments sparked a sudden sell-off in the previous session, with the Dow closing more than 150 points lower.
Advertisement - story continues below