April 16, 2025 4:19pm EDT | Updated April 16, 2025 4:28pm EDT
Stocks rocked after Fed’s Powell talks tariff impact
The Fed is seen cutting rates in June: CME FedWatch Tool
By Suzanne O'Halloran
Investors stepped up their selling of U.S. stocks after Federal Reserve Chairman Jerome Powell said policymakers will stand down on any rate moves, mainly because President Donald Trump's tariffs are, in his view, larger than expected.
He messaged that while channeling the fictional character Ferris Bueller from the 1986 film "Ferris Bueller’s Day Off."
"As that great Chicagoan Ferris Bueller once noted, ‘Life moves pretty fast.’ For the time being, we are well positioned to wait for greater clarity before considering any adjustments to our policy stance," he said in prepared remarks at the Economic Club of Chicago.
All three of the major averages, which were already lower in midday trading, slipped deeper into the red at the closing bell.
The Nasdaq Composite bore the brunt of losses, falling over 3%, with Tesla, Starbucks and Amazon among the biggest losers, while Dollar Tree and Seagate posted gains.
Technology stocks led the S&P 500’s drop of more than 2%, while consumer discretionary and communication stocks also fell.
The Dow Jones Industrial Average fell 699.57 points, or 1.7%, led by Amgen and Apple, while Chevron and Travelers bucked the selloff. Energy stocks posted modest gains as oil rose above the $62 per barrel mark.
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https://www.foxbusiness.com/markets/stocks-rocked-after-feds-powell-talks-tariff-impact
