Nasdaq Falls to Correction Territory As Powell Speaks

By Timothy Sykes

Last updated on April 18, 2022
Nasdaq Falls to Correction Territory As Powell Speaks Thumbnail

The major indexes fell to their lowest point of the trading session as Federal Reserve Chairman Jerome Powell spoke at the Wall Street Jobs Summit.

In his remarks, Powell reiterated that he believes the Fed was doing everything it should be doing. He said the “current policy stance is appropriate.”

And despite 745,000 new unemployment claims reported on Thursday morning, Powell remains optimistic about jobs. “I do expect a pickup in job creation… Presumably, we’ll start to see improvements in employment in the next couple of months,” he said.

The Fed’s congressional mandate is to keep inflation steady and maximum employment, but Powell admitted it’s been tough to do. “Right now, we haven’t been making much progress on our goals,” he said.

At writing, the Nasdaq Composite is trading down more than 3% on the day. It’s now more than 10% off its record-high close on February 12. If the index closes below 12,685, it will be considered in a correction.

The Dow Jones Industrial Average and S&P 500 are both near their session lows, down more than 2% on the day.

Posts contain affiliate links. may get compensated for affiliate posts and purchases through links.

Image: singhNidhi/


How much has this post helped you?

star star star star star
Comments (1)
Author imageTimothy Sykes
Hey Everyone,

As many of you already know I grew up in a middle class family and didn't have many luxuries. But through trading I was able to change my circumstances --not just for me -- but for my parents as well. I now want to help you and thousands of other people from all around the world achieve similar results!

Which is why I've launched my Trading Challenge. I’m extremely determined to create a millionaire trader out of one my students and hopefully it will be you.

So when you get a chance make sure you check it out.

PS: Don’t forget to check out my 30 Day Bootcamp, it will teach you everything you need to know about trading.

Leave a Reply