US stocks fall following Powell’s speech

US stocks fell on Thursday as Wall Street parsed comments from Federal Reserve Chair Jerome Powell while monitoring a key milestone for a closely followed bond yield.

The S&P 500 slipped 0.2%, while the Nasdaq Composite shed 0.3%. The Dow Jones Industrial Average lost 21 points, or 0.1%. Powell said inflation was still too high and would likely require lower economic growth, while noting recent data showed progress toward slowing prices.

However, the market took a leg down after Powell said that monetary policy was not yet too tight. The benchmark U.S. 10-year Treasury yield notched a high of 4.996% on Thursday, inching closer to the well-followed 5% level that was last crossed in 2007.

Netflix shares jumped more than 15% after posting third-quarter earnings that beat estimates, with strong ad-tier subscriptions. Beyond technology stocks, AT&T climbed more than 6% after beating expectations for the third quarter, while investment firm Blackstone slid 6% on a weaker-than-expected report.

Weekly jobless claims came in under 200,000, another sign of continued strength in the economy despite higher interest rates. Investors also parsed the latest earnings reports, with over 15% of companies in the S&P 500 reporting this earnings season, with more than 74% exceeding Wall Street expectations. Tesla slid more than 9% after missing analyst expectations on earnings and revenue in the third quarter.