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Stocks ended lower Thursday, with the S&P 500 SPX snapping an eight-day winning streak and the Nasdaq Composite COMP breaking a nine-day run of gains after Federal Reserve Chair Jerome Powell reiterated that further rate hikes may be needed to rein in inflation. Also, a poorly received auction of 30-year Treasury bonds helped sour sentiment. The Dow Jones Industrial Average DJIA dropped around 220 points, or 0.6%, to finish near 33,892, according to preliminary data. The S&P 500 fell 0.8% and the Nasdaq shed 0.9%. The winning streaks were the longest for both indexes in two years.
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