Dow drops 400 points after Powell triggers a jump in yields, Nasdaq goes red on the year

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CNBC: U.S. stocks fell sharply on Thursday after Federal Reserve Chair Jerome Powell failed to reassure investors that the central bank would keep surging bond yields and inflation expectations in check.

The S&P 500 last traded down 1.6% after dropping 2.5% at its session low. The Dow Jones Industrial Average slid 440 points. At one point, the blue-chip benchmark tumbled more than 700 points. The Nasdaq Composite fell 2.3% as growth stocks came under pressure amid rising rates. Apple slipped 1.6%, while Tesla dropped 5.4%. The heavy losses pushed the Nasdaq into the red for the year.

The tech-heavy benchmark also fell into correction territory, down more than 10% from its recent high on an intraday basis. Read More

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