US stocks closed lower for the third session in a row on Tuesday after Federal Reserve chair Jay Powell warned interest rates are likely to stay at current levels for “longer than expected” to tame inflation.
Wall Street’s S&P 500 fell 0.2 per cent, having shed 1.2 per cent and 1.5 per cent on Monday and Friday, respectively. The tech-dominated Nasdaq Composite lost 0.1 per cent.
Yields on US government debt pushed higher as prices fell. Yields on rate-sensitive two-year Treasuries added 0.04 percentage points to 4.97 per cent.
A measure of the dollar’s strength against a basket of six other currencies rose 0.1 per cent. Prices for Brent crude, the international oil benchmark, slipped 0.2 per cent to $89.95 a barrel.
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