The market took a hit as bond yields rose, driven by Federal Reserve Chair Jerome Powell’s upcoming testimony before Congress. Investors expect Powell to signal a strong economy with no rush to cut interest rates. However, concerns about the inflation target are likely to be raised by lawmakers, which may impact market sentiment. Notably, tech stocks underperformed, with Meta Platforms Inc. facing challenges after its 16-day winning streak ended, while Coca-Cola Co. rallied due to a profit beat that exceeded Wall Street expectations. Long-maturity Treasury yields increased, and the dollar index remained steady despite two days of gains in the past few sessions.
Source: https://www.bloomberg.com/news/articles/2025-02-10/stock-market-today-dow-s-p-live-updates