‘Magnificent Seven’ Sink 1.5%; Micron Jumps Late: Markets Wrap

Wall Street traders drove stocks down from all-time highs, with Federal Reserve Chair Jerome Powell offering no hints on whether he might support a rate cut at the central bank’s October meeting. Bonds held gains.

Following a series of records, equities took a breather amid a slide in big tech. Powell said the outlooks for the labor market and inflation face risks, reiterating his view that policymakers likely have a difficult road ahead as they weigh further interest-rate cuts.