<p>The S&amp;P 500 index initially fell by 1%. Before Powell's speech, the technology sector dropped by over 2.2%, the consumer discretionary sector fell by over 1.9%, the telecommunications sector fell by over 1%, and the energy sector rose by less than 0.2%. The NASDAQ-100 index initially fell by about 1.8%, with components Moderna, Intel, MDB, Tesla, Lam Research, Amgen, GlobalFoundries, Applied Materials, and NVIDIA performing the worst, dropping by 6.5% to 4.1%. Pinduoduo ADR and Gilead Sciences led with gains of up to 0.9%. Intel fell by 6.2% initially, while Amazon and Microsoft dropped by over 2%, leading the decline among Dow components. American Express and JP Morgan rose by less than 0.8%</p>

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<p>S&P 500 Index closed down 1% initially, with the technology sector falling over 2.2%. The NASDAQ-100 Index closed down approximately 1.8%, with Intel dropping 6.2%, while Amazon and Microsoft fell over 2%. Consumer discretionary and telecommunications sectors also saw declines, while the energy sector edged up slightly. Poor-performing stocks included Moderna, Tesla, and NVIDIA, while Pinduoduo ADR and Gilead Sciences saw slight gains</p>

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