NEW YORK: Wall Street’s main indexes fell in choppy trading on Tuesday as US bond yields rose after new Fed Chairman Jerome Powell said the economy was strengthening and that inflation would rise.
Following his comments, traders of US short-term interest rate futures began pricing in a higher chance of a fourth rate hike this year, based on a Reuters analysis.
The benchmark US 10-year Treasury yields rose to a session high of 2.914 percent.
“Pretty much the market is going to be fluttering back and forth in both directions based on things he says today, so it doesn’t surprise me too much,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
“It’s his first speech and the market is already in a higher volatility phase.”
In his prepared remarks, Powell had hinted that the central bank would stick to its current path of gradual rate hikes despite the added stimulus of tax cuts and government spending.
Powell’s testimony comes at a sensitive time for the market, which has swayed wildly in recent weeks on inflation fears.
Stocks have recovered much of their losses from the early February sell-off, when they shed more than 10 percent.
At 11:21 a.m. ET, the Dow Jones Industrial Average was down 20.34 points, or 0.08 percent, at 25,688.93, the S&P 500 was down 7.08 points, or 0.254713 percent, at 2,772.52 and the Nasdaq Composite was down 28.97 points, or 0.39 percent, at 7,392.50.
US cable giant Comcast offered to buy Sky for $31 billion in an unsolicited approach, taking on Rupert Murdoch’s Fox and Bob Iger’s Walt Disney in the battle for Europe’s biggest pay-TV group.
Comcast fell 5.2 percent, while Walt Disney dropped 3.1 percent and Twenty-First Century Fox 1.9 percent, dragging down the S&P consumer discretionary index.
In a big week for retail earnings, Macy’s reported higher-than-expected same-store sales growth for the fourth quarter. Its shares jumped 11 percent.
Fitbit slumped more than 10 percent after the wearable device maker forecast current-quarter results below estimates.
Luxury builder Toll Brothers’ shares rose 1.2 percent after it reported quarterly profit that beat analysts’ estimates as it sold more homes at higher prices.
Advancing issues outnumbered decliners on the NYSE by 1,595 to 990. On the Nasdaq, 1,434 issues rose and 965 fell.
Wall Street slips after Jerome Powell sees strengthening economy, rising inflation
Wall Street slips after Jerome Powell sees strengthening economy, rising inflation
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
