US stocks end 8-day win streak after hawkish comments from Jerome Powell

• US stocks fell on Thursday, ending the S&P 500’s eight day winning streak.
• Treasury yields jumped after poor results of a 30-year bond auction and hawkish comments from Jerome Powell.
• “If it becomes appropriate to tighten policy further, we will not hesitate to do so,” Powell said.

US stocks declined on Thursday, effectively ending the S&P 500’s eight day win streak that delivered a gain of more than 6%.

Stocks were initially higher in morning trades, but poor results of a 30-year Treasury bond auction sent yields surging and stock prices falling. The decline in stocks further accelerated after Federal Reserve Chairman Jerome Powell made hawkish comments during a panel discussion at an International Monetary Fund conference.