Wall St Ends Lower On Powell’s Remarks As Benchmark Treasury Yields Near 5%  

• U.S. stocks declined, and 10-year U.S. Treasury yields reached a 16-year high following remarks from Federal Reserve Chairman Jerome Powell.
• Powell's comments were seen as suggesting the possibility of further interest rate hikes due to economic strength and a tight labour market, contrary to market expectations of the Fed's rate-hiking cycle ending.
• The lack of clarity in Powell's comments led to reduced market confidence, as investors were uncertain about the Fed's future policy decisions.
• Rising Treasury yields, nearing the 5% level, raised concerns about the impact on mortgage rates, consumer spending, and the potential for higher rates to lead to a recession.
• The third-quarter earnings reporting season is in progress, with a mixed bag of results from high-profile companies like Tesla and Netflix.
• Market participants are actively seeking common themes or trends in these earnings reports amid the uncertainty caused by economic and interest rate developments.

(Source: Reuters)