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The S&P 500 fell Thursday, ending an eight-day winning streak, as a sharp jump in yields rattled investors.
The Dow Jones Industrials dwindled 220.33 points to 33,891.94.
The much-broader index sank 35.43 points to 4,347.35.
The NASDAQ swooned 128.97 points to 13,521.45.
Stocks hit session lows after Federal Reserve Chair Jerome Powell indicated more work may need to be done to bring down inflation, although the recent slowdown in pace has been an encouraging sign for policymakers.
Disney rose 6.9% a day after reporting better-than-expected profit and expanding its cost-cutting plan, while Arm dipped 5.2% following its first quarterly report as a public company. MGM Resorts slipped 1.1% even after posting strong results and a new share buyback program.
The culmination of third-quarter earnings season continues after the bell with reports from Wynn Resorts, Illumina and Unity Software.
Prices for the 10-year Treasury fell back, raising yields to 4.64% from Wednesday’s 4.52%. Treasury prices and yields move in opposite directions.
Oil prices recovered 21 cents to $75.54 U.S. a barrel.
Gold prices gained $5.20 to $1,966.40.
