U.S. markets pulled back on Tuesday after Fed chair Jerome Powell gave his semiannual monetary policy report. There were no major surprises as analysts digested the news throughout the session. However, the losses worsened into the closing bell with volatility spiking ahead of tomorrow and the last trading day for the month.
The Russell 2000 stumbled 1.5% while closing at its session low of 1,536 and back below its 50-day moving average. The Nasdaq tumbled 1.2% after testing a low of 7,330 to give up February gains but remains 2% above its 50-day moving average.
The Dow dropped 1.2% after trading down to 25,407 while the S&P 500 sank 1.3% after closing on its session low of 2,744. Both indexes are holding their 50-day moving averages by less than 1% and remain in negative territory for the month.
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