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

Bullish Market - Hans Eiskonen via Unsplash
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.”