S&P 500, Nasdaq End Eight-Day Winning Streak with 0.8% Decline, European Markets Set for Lower Open

The S&P 500 and Nasdaq's eight-day winning streak was snapped, with both indices closing lower due to a surge in yields. This was triggered by hawkish comments from Federal Reserve Chair Jerome Powell, who expressed uncertainty over whether interest rates were high enough to bring inflation down to the central bank's 2% target. The disappointing 30-year bond auction and Powell's comments also impacted European markets, setting them for a lower open.