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Stocks fell sharply Thursday after the Fed chair said prices were likely to increase later this year, even as he cautioned that any inflation would be short-lived.
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The 10 percent threshold for a correction is arbitrary, but it is often an indication that investors have turned more pessimistic about the markets.
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Costco lower after-hours despite posting revenue beat, online sales surge Yahoo FinanceStocks making the biggest moves after the bell: Costco, Gap, Broadcom & more CNBCCostco's Been Hammered. Is It Finally a Buy? TheStreetCostco misses fiscal Q2 expectations, pinning it on higher wages MarketWatch
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Many investors are turning away from remote-business stocks.
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Dow futures fall 200 points after a steep sell-off on Wall Street amid surging bond yields CNBCStocks tumble as Powell signals inflation is ahead CNN Fed won't step in on bond yields until it reaches wider credit spreads: Rosenberg CNBC TelevisionFed's Powell likely to restate 'patient' approach in public appearance ReutersInflation isn't a risk of Joe Biden's $1.9 trillion stimulus Washington Post
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The bed retailer was one of the high-flier stocks the market took down today.
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It wasn't their fault, honest.
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 Stocks posted three straight days of losses Thursday, as comments from Federal Reserve Chair Jerome Powell did little to soothe concerns about a recent rise in bond yields.
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 The Dow Jones Industrial Average and the S&P 500 on Thursday marked their first finishes below their short-term moving averages in weeks after a market rout apparently precipitated by rising fears that the Federal Reserve may be losing control of inflation and may be forced to jack up borrowing costs faster than they would prefer to cool an overheated economy recovering from the COVID-19 pandemic lockdowns. The Dow closed down 1.1% at around 30,924 to mark its third straight decline, falling below its 50-day moving average at 30,944.98 for the first time since Feb. 1, while the S&P 500 index closed Thursday's trade 1.3% lower for its third consecutive drop, finishing at 3,769, concluding the session below its 50-day MA at 3,818.61 for the first time since Jan. 29.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Dovish Federal Reserve chairman says central bank will be ‘patient' in withdrawing support
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Both the cruise and airline industry were battered by the pandemic in 2020, resulting in massive losses.
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A sluggish day in stocks on Thursday took a turn decidely lower following comments from Federal Reserve Chairman Jerome Powell said that he was monitoring a steady climb in yields but failed to provide any guidance on what the central bank might do if yields continued to climb precipitously. Speaking at a webinar hosted by the Wall Street Journal on Thursday after noon, Powell described the Fed's current policy stance as appropriate, perhaps disappointing some investors hoping for more decisive comments on possible adjustments to the central bank's asset purchases. The remarks are credited with triggering a selloff in bonds and stocks, that abated somewhat later in the session, that brought the Nasdaq Composite Index on the brink of falling by 10% from its recent closing high put in on Feb. 12, meeting the commonly used definition for a correction. The Nasdaq ended the session off 2.1% at 12,723, and is now down 9.73% from that record close. Meanwhile, the 10-year Treasury note jumped by about 7 points to around 1.54%. Rising rates have caused friction in equity trading because it forces investors to reassess the relative value of highflying technology and tech-related plays that have enjoyed a bump during the pandemic, compared against other sectors that might perform better headed into an economic recovery. The S&P 500 index closed the session off 1.3% to 3,768, while the Dow Jones Industrial Average finished the day off 1.1% at 30,923. Both finished below their 50-day moving averages for the first time in about four or five weeks, Jan. 29 for the S&P 500 and Feb. 1 for the Dow. At the height of Thursday's selling the Dow was down over 720 points, wiping out its year-to-date gains. The Dow remains up 1% for 2021, the Dow is clinging to a 0.3% year-to-date gain, while the Nasdaq Composite is down 1.3% so far this year.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for m
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