Tech Stocks Retreat as Powell’s Caution Tempers Rally

The Nasdaq 100 snapped its record-breaking run on Thursday, closing lower after cautious commentary from Federal Reserve Chair Jerome Powell prompted a wave of profit-taking. The technology-heavy index finished the session down 178.94 points, or 0.73%, settling at 24,580.17.

Trading began on a positive note, with the index climbing to an intraday peak of 24,764.30 points shortly after the opening bell. However, the mood shifted decisively following Powell’s remarks. The Fed Chairman jolted investors by stating that equities appear “fairly highly priced” and cautioning that there is “no risk-free path” for monetary policy.

This sentiment triggered a sell-off, dragging the Nasdaq 100 to a daily low of 24,536.50. A modest recovery in the final hour of trading pared some of the session’s losses.

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