Business
Nasdaq on cusp of correction as Fed chief rattles Wall Street – Sydney Morning Herald
ASX set for a negative start as Jerome Powell’s comments unnerve markets, putting the Nasdaq in correction territory.
Stocks turned sharply lower on Wall Street as bond yields made another upward spike, renewing pressure on high-flying technology companies.
The S&P 500 fell 1.3 per cent on Thursday (US time), its third-straight loss. The Nasdaq pulled back 2.1 per cent, and narrowly avoided falling into a correction. The Dow Jones shed 1.1 per cent.
The losses came as the yield on the 10-year Treasury rose sharply during a question-and-answer session with Federal Reserve Chair Jerome Powell during which Powell…
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