<p><img src="https://static2.businessinsider.com/image/5f63a2cd323fc4001e0d6ebf-2000/gettyimages-1207596525.jpg" border="0" alt="trader nyse pray" data-mce-source="Getty Images / Bryan R. Smith"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul><li><strong>US stocks plunged on Thursday as Fed Chairman Jerome Powell preached "patience" on rising inflation.</strong></li><li><strong>Losses in major indexes accelerated as the 10-year Treasury yield spiked back above 1.5%, indicating renewed inflation fears.</strong></li><li><strong><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</strong></li></ul><hr><p>US stocks fell sharply Thursday as investors reacted to comments from Federal Reserve Chair Jerome Powell.</p><p>Powell refrained from outlining specific steps to rein in what he described as "disorderly" markets. The <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years" target="_blank" rel="noopener">10-year Treasury yield</a> spiked back above 1.5% following his statements, spurring a sharp sell-off in the market's most highly valued sectors, like tech.</p><p>Some investors had been hoping that Powell would signal openness to "Operation Twist," in which the Fed would sell its shorter-term treasury holdings to fuel the purchase of longer-dated treasury notes like the 10-year, in hopes of containing the spike in interest rates. That did not materialize. </p><p>Powell also said he expects the <a href="https://www.businessinsider.com/fed-jerome-powell-inflation-patient-stimulus-treasury-yields-reopening-monetarypolicy-2021-3">central bank will "be patient" in waiting for inflation</a> to steadily trend above 2%.</p><p>Investors also grappled with tepid labor-market data. <a href="https://www.businessinsider.com/us-weekly-jobless-claims-745000-economic-recovery-labor-market-unemployment-2021-3">Jobless claims rose to 745,000</a> for the week that ended on Saturday, a slight increase from the prior week's revised total of 736,000. The reading barely beat economic forecasts of 750,000 claims.</p><p><strong>Here's where US indexes stood at the 4:00 p.m. ET close on Thursday:</strong></p><ul><li><strong><a href="https://markets.businessinsider.com/index/s&p_500" target="_blank" rel="noopener">S&P 500</a>:</strong> 3,768.58, down 1.34%</li><li><strong><a href="https://markets.businessinsider.com/index/dow_jones" target="_blank" rel="noopener">Dow Jones industrial average</a>:</strong> 30,923.55, down 1.11% (346.54 points)</li><li><strong><a href="https://markets.businessinsider.com/index/nasdaq_composite" target="_blank" rel="noopener">Nasdaq composite</a>:</strong> 12,723.47, down 2.11%</li></ul><p>The billionaire investor Ron Baron told CNBC on Thursday that despite his long-term bullishness on <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>, he had <a href="https://markets.businessinsider.com/news/stocks/ron-baron-tesla-trims-stake-buys-start-ups-rivian-cruise-2021-3-1030150761">sold about 25% of his clients' stake</a> in the electric-vehicle manufacturer after its position became too concentrated.</p><p>The weakness in technology stocks hasn't stopped Cathie Wood's Ark Invest from buying the dip in high-flying stocks. Ark's daily trading disclosures indicated that the <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-ark-etfs-added-shares-palantir-stock-earnings-analysis-2021-3-1030150502">firm bought millions of shares of Palantir on Wednesday</a> amid the decline.</p><p>SPACs couldn't escape the carnage in the market this week, <a href="https://markets.businessinsider.com/news/stocks/spac-boom-fades-blank-check-firms-etf-risk-off-sentiment-2021-3-1030152251">falling more than 20% over the past two weeks</a> as represented by the Defiance Next Gen SPAC Derived ETF.</p><p>Going public in the US via a special-purpose acquisition company has <a href="https://markets.businessinsider.com/news/stocks/spac-walmart-flipkart-public-listing-deal-ipo2021-3-1030150523">reportedly caught the interest of Flipkart</a>, the Indian e-commerce giant owned by Walmart.</p><p>Gabe Plotkin's Melvin Capital, which was at the center of the GameStop short-squeeze earlier this year, <a href="https://markets.businessinsider.com/news/stocks/gabe-plotkin-melvin-capital-gained-february-gamestop-saga-2021-3-1030149610">recouped some of its losses and gained 22% in February</a>.</p><p>Oil prices spiked higher, in part due to <a href="https://markets.businessinsider.com/news/stocks/oil-price-opec-production-supply-cuts-saudi-2021-3-1030151889">OPEC's decision to maintain its previously announced supply cuts.</a> <a href="https://markets.businessinsider.com/commodities/oil-price'type=wti">West Texas Intermediate crude</a> jumped as much as 5%, to $64.86 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest'utm_source=markets&utm_medium=ingest">Brent crude</a>, oil's international benchmark, rose by 4.75%, to $67.75 per barrel, at intraday highs.</p><p><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> fell as much as 1.2%, to $1,695.20 per ounce.</p><p><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-jerome-powell-preaches-patience-inflation-spike-2021-3-1030152402#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/how-parasite-delivered-one-of-the-best-twists-in-cinema-2020-2">What makes 'Parasite' so shocking is the twist that happens in a 10-minute sequence</a></p>
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