Live news: US stocks slip despite Powell’s cautious speech

US stocks dipped and long-dated Treasury yields rose on Thursday, even as Federal Reserve chair Jay Powell signalled the central bank was unlikely to raise interest rates again in November. 

The S&P 500 ended the day down 0.8 per cent, while the Nasdaq Composite fell nearly 1 per cent. Analysts attributed the move to volatility in markets related to the conflict in the Middle East, as well as poor earnings from Tesla. 

In the Treasury market, two-year yields dropped 0.06 percentage points to 5.16 per cent after

Powell indicated in a speech at noon that a quarter-point rate increase in November was unlikely. Still, 10-year Treasury yields climbed, reaching a fresh 16-year high just below 5 per cent.