US: Wall Street drops at the open after Powell dents rate-cut hopes

WALL Street’s main indexes opened lower on Friday (Nov 15), after Federal Reserve chair Jerome Powell said there was no need to rush interest-rate cuts, pushing up bond yields and pressuring rate-sensitive equities.

The Dow Jones Industrial Average fell 162.9 points, or 0.37 per cent, at the open to 43,587.93.

The S&P 500 fell 36.4 points, or 0.61 per cent, at the open to 5,912.79?, while the Nasdaq Composite dropped 177.7 points, or 0.93 per cent, to 18,929.916 at the opening bell. REUTERS