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Nasdaq drops more than 1% as bond yields soar and tech stocks falter after Powell's re-nomination
US stocks fell in afternoon trading on Monday, reversing an earlier rally that came after President Joe Biden announced that he would renominate Jerome Powell to continue to lead the Federal Reserve.
The Dow Jones Industrial Average rose just 17 points, down from a gain of more than 300 points at session highs.
The S&P 500 and Nasdaq were down 0.3% and 1.3%, respectively, after hitting record intraday highs earlier in the session.
Powell cut interest rates to near zero and implemented emergency asset purchases in March 2020 to help support the market during the first wave of the Corona pandemic, helping the financial system to continue to operate during the sharp slowdown in economic activity.
He also led a historic reassessment of the Federal Reserve's Inflation Targeting Framework during the Covid crisis.
