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March 9, 2026

America April 21, 2022

Dramatic Price Swings In Wall Street As Traders Eagerly anticipate Powell’s Speech

America ı By Rochdi Rais

167 0 Comments

Bullish Market - Hans Eiskonen via Unsplash
Stocks traded lower Thursday, as investors keep an eye on rising rates and Federal Reserve Chairman Jerome Powell’s speech. The Dow Jones Industrial Average added 40 points or 0.1%. The S&P 500 eased 0.4%, and the Nasdaq Composite plunged 0.8%. Powell is set to speak at 1 p.m. ET during the International Monetary Fund Debate on the Global Economy. The discussion is moderated by CNBC’s Sara Eisen. Treasury yields climbed ahead of Powell’s speech, with the benchmark 10-year rate above 2.94%, flirting with its highest level since December 2018. “I’m cautiously optimistic that earnings will keep beating, with a couple of outliers,” Jeff Kilburg, chief investment officer, at Sanctuary Wealth, told CNBC. ″‘Boring’ names – American staple names that we forgot about – are doing better than expected,” he continued, citing IBM as an example. “It’s a big divergence from sentiment, especially with the 10-year [Treasury yield] nearly doubling. The shift from growth to value is really hitting its stride.” Tesla surged about 6% after better-than-expected earnings. Several analysts lauded Tesla after the release, with one calling it a “core holding.” The Dow had strong gains led by strong earnings from Procter & Gamble. Meanwhile, the technology-heavy Nasdaq Composite was dragged down 1% by Netflix’s 35% decline. “It continues to be a pretty bifurcated market,” said Dave Grecsek, managing director in investment strategy and research at wealth management firm Aspiriant. “Some of the more defensive, value-style companies are enjoying good returns. The flipside is some of those more growth-style tech names are going to be struggling.” In economic data, initial jobless claims came in slightly higher than expected at 184,000 for the week ending April 16, showing a decline of 2,000. Dow Jones analysts estimated 182,000 first-time claims.  

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Rochdi Rais
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Rochdi Rais

Rochdi Rais is the chief content officer and financial and legal writer at USA Herald. He has been writing about finance, law, cryptocurrency and U.S. politics for years with over +4000 articles published during his career.

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