U.S. Markets Point Lower Following Powell’s ‘Inflection Point’ Statement

American markets are seeing a slight pull-back this morning on the heels of a statement from Fed Chairman Jerome Powell that the U.S. economy is at an “inflection point”.

The Dow is currently down 22 points to 33,773 (-0.1%) while the S&P 500 slid 4 points to 4,124 (-0.1%). The Nasdaq is currently down 43 points to 13,803 (-0.3%) with all major FAANG stocks down except for Tesla, who is currently up around 2% in this morning’s market.

The U.S. Treasury 10 year bond yield has remained steady this morning, climbing only 0.015% to 1.676%. This is in line with both Powell’s statement on 60 Minutes and minutes released by the Fed prior to his interview. Powell has remained adamant that interest rates will remain low through 2023 short of any alarming inflation increases.

Cryptocurrency us largely up across the sector, with Bitcoin once again reaching the $60,000 mark (+0.63%). Ethereum is currently up over $2,100 (+0.21%), with most other crypto coins climbing in value as the sector sees another apparent influx of investors.

European markets are mixed, with the Stoxx 600 down 1.24 points to 435 (-0.28%) and London’s FTSE 100 down 11 points to 6,904 (-0.17%). The European DAX has bucked the trend and is up 19 points to 15,253 (+0.13%). 

Asian markets were red across the board, with Shanghai’s Composite Index down 37 points to 3,412 (-1.09%). Hong Kong’s Hang Sang Index (HSI) fell 245 points before the markets closed to 28,453 (-0.86%) and Japan’s Nikkei 225 shed a similar 229 points to rest at 29,583 (-0.77%).

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