S&P 500, Nasdaq 100 Snap Longest Winning Streak In 2 Years As Fed’s Powell Chills Markets

After eight consecutive green closes for the S&P 500 and nine for the Nasdaq 100, the U.S. stock market’s impressive winning streak, the longest in two years, came to an end.

This setback was prompted by an unexpected hawkish intervention from Jerome Powell during a policy discussion hosted by the International Monetary Fund. The Fed Chair stated that despite progress on the inflation front, there is still a substantial distance to cover to achieve the 2% target.