US stocks tumble as Powell warns of more inflation and Treasury yields hit 3-month high

US stocks tumble as Powell warns of more inflation and Treasury yields hit 3-month high

US stocks fell on Tuesday amid a spike in US Treasury yields and ahead of Fed Chairman Jerome Powell's scheduled testimony to Congress. Powell will tell Congress in prepared remarks that the drivers behind the recent jump in inflation may last longer than expected. Those drivers include disruptions in the global supply chain and a tightened labor market. Mega-cap tech stocks like and extended their two day decline to more than 2% as US Treasury yields surged. The 10-Year US Treasury yield hit a three-month high of 1.53%. for the first time in three years as a shortage in natural gas spurs demand for the commodity. Goldman Sachs from 8.7%, warning that the economy's energy crunch represents another growth shock. after the company re-upped its commitment to electric vehicles via the announcement of four new battery and electric vehicle plants that will cost more than $11 billion. starting next month to comply with China's ongoing crackdown against cryptocurrencies. oil jumped as much as 0.95%, to $76.17 per barrel. , oil's international benchmark, jumped 0.62%, to $80.02 per barrel. fell as much as 0.97%, to $1,735.00 per ounce.