S&P500 and Nasdaq fall after Powell nomination

Tech stocks slumped

Despite the initial positive reaction to Jeremy Powell’s confirmed second term as chair of the Federal Reserve, the S&P ended lower on Monday.

The index ended the day down 0.32% and the Nasdaq declined by 1.26% as markets priced in faster tapering by the Fed and earlier rate hikes, which are now expected by mid-2022.  Powell's re-election as Fed chair 'a relief for investors' "Wall Street had a torrid session overnight as US long-dated bond yields jumped higher after the renomination of Jerome Powell as Federal Reserve Chairman. Rate-sensitive technology stocks slumped pushing the Nasdaq lower," said Jeffrey Halley, senior market analyst of Asia Pacific at OANDA. "Meanwhile, banking stocks rose in sympathy with a steeper ...