Stock Market Update

[BRIEFING.COM] Stocks continue to slide heading into the close. The Dow Jones Industrial Average is nearly 700 points lower, tracking for its tenth consecutive decline. The S&P 500 is down 120 points and the Nasdaq Composite sports a 600 point decline.

Fed Chair Powell reiterated that "We and most other forecasters still feel that we're on track to get down to 2%. It might take another year or two from here. But I'm confident that's the path we're on." Still, the market seemed to be grappling with the likelihood that the Fed will be pausing its rate-cut campaign and that market rates, for all intents and purposes, are going to remain higher for longer.

The 2-yr yield, which is sensitive to changes in the fed funds rate, settled 11 basis points higher at 4.35%.