Powell's Final Day: Yields Spike to 4.58% as S&P 500 Slips 0.9%

U.S. stocks fell Friday as the 10-year Treasury yield surged 12 basis points to 4.58% on Jerome Powell’s last day as Fed chair. Overseas drivers—Japan’s hotter-than-expected producer prices and U.K. political turmoil—pushed global yields higher and shifted market odds toward a possible December rate hike to nearly 50%. Over Powell’s tenure the S&P 500 more than tripled while core PCE inflation peaked above 9%, leaving affordability strained and incoming chair Kevin Warsh facing stretched valuations and a 4.6% 10-year yield that now exceeds the index’s earnings yield.