S&P 500 Slips 0.4% as Powell Begins April FOMC Presser; Yields Climb to 4.39%

The S&P 500 and Nasdaq each dropped 0.4% on April 29 as Fed Chair Jerome Powell started his post-FOMC press conference, with the Dow falling 400 points (-0.8%) and 10-year yields rising to 4.39%, echoing March's risk-off moves. The selloff follows turmoil from March 18's hot February PPI (+0.7% m/m vs +0.3% expected), the Fed's 11-1 vote to hold rates at 3.50%-3.75%, and Powell's warning that 'higher energy prices will push up overall inflation,' driving S&P and Dow to 2026 lows amid oil's surge to $102.88. Dimming rate-cut hopes continue pressuring equities.