Stocks Waver as Dow Jones Rises and Nasdaq Extends Win Streak

Stock market slides as bond yields soar following a disappointing treasury auction and comments from Fed Chair Jerome Powell on inflation. The S&P 500, Dow Jones, and Nasdaq all fell around 0.8%. Meanwhile, Disney shares rose after beating earnings estimates and media stocks rallied on news of a tentative deal between Hollywood studios and striking actors. Arm shares slid after its first post-IPO results and SoftBank's $6.2 billion quarterly loss. Oil prices rebounded slightly after hitting a three-month low. Powell cautioned on being misled by short-term data and reiterated the Fed's willingness to tighten policy further if necessary.