The stock market opened with a cautious tone as key indices including the Dow, Nasdaq, and S&P 500 traded lower following Federal Reserve Chairman Jerome Powell's comments about potential long-term interest rate increases. This downturn comes after a notable recovery, with the S&P 500's recent positive performance being overshadowed. Retail giant Walmart's shares fell 4% due to plans to pass on tariff costs to consumers, while Alibaba dropped 6.5% following disappointing revenue figures.
Investors are reacting to concerning statements made by Federal Reserve Chairman Jerome Powell at an economic forum earlier today.
The S&P 500 is on track to break its three-day winning streak following Powell's warnings on potentially higher long-term interest rates.
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