Powell has a crime, Wall Street is red!


The US30 index fell further after investors were surprised by Federal Reserve (Fed) Chairman Jerome Powell's hawkish testimony before Congress.

Powell said the central bank is ready to take major steps that could push interest rates higher in an effort to lower inflation.

Investors are now betting on an increase of 50 basis points at the policy meeting that will take place on March 23.

As a result, it has prompted extensive selling in the US stock market in the New York session.

This was reflected in the fall of the main US stock indexes, where the Dow Jones Industrial dropped 1.7% to 32,856, while the S&P 500 fell 1.5% to 3,98.36 and the Nasdaq dropped 1.2% to 12,152.17.

Basic materials and energy stocks were among the biggest losers in the New York trading session due to falls in the gold and crude oil markets.

Rivian, which fell as much as 12% to an all-time low, was the worst-performing stock on the Nasdaq.

Sales in the Dow Jones were led by JPMorgan Chase and Goldman Sachs which fell about 3% in today's trading session.

Investors' focus next turns to the US NFP jobs report due out on Friday.