The Dow Industrial Average slid 184.41 points, or 0.57%, to 32,098.99. The S&P 500 slipped 0.67% to 4,030.61 and the Nasdaq Composite slumped 1.02% to 12,017.67.
Powell’s Friday speech at the Jackson Hole central banking symposium warned of the “pain” needed to tame the fastest inflation in more than forty years, and signaled further rate hikes to come between now and the end of December.
Meme stocks GameStop (GME) was ahead 76 cents at $31.70 and AMC (AMC) was up 30 cents at 9.47.
WTI crude futures for October delivery were 54 cents higher at $93.06 per barrel.
Meanwhile in the bond market, the benchmark 10-year Treasury note surged above 3%, and the 2-year Treasury yield spiked to top 3.45%, its highest level since 2007.
October gold futures were last up $3.20 at $1,743.70.