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

Wall Street’s main indexes opened lower on Friday, 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%, at the open to 43,587.93. The S&P 500 fell 36.4 points, or 0.61%, at the open to 5,912.79, while the Nasdaq Composite dropped 177.7 points, or 0.93%, to 18,929.916 at the opening bell.