NDXUSD

The technology index was the asset that took the hardest hit from Fed Chairman Powell's hawkish statements that dashed hopes for interest rate cuts. Interest-sensitive technology stocks came under selling pressure as expectations strengthened for a "prolonged high interest rate environment." Markets will be watching to see whether this evening's JOLTS Job Openings and tomorrow's ADP Non-Farm Employment data indicate a significant cooling in the labor market; strong data could increase pressure on the index.