The major averages reverse course and fall into the red with profit taking in the tech space as Fed Chairman Powell hints that stocks could be overvalued. The Dow Jones Industrial Average fell 88 points or 0.19%. The S&P 500 fell 36 points or 0.55%, snapping a three-day winning streak. The Nasdaq fell 215 points or 0.95%.

The weakness was led by tech like Amazon, Oracle and Nvidia. All down 2.5% or more. One of the few tech stocks higher was Micron up over a percent ahead of earnings tonight. Financials also reversed course today.

Healthcare, Consumer Defensive, Industrials, Utilities, Real Estate and Energy acted much better today.

Interest rates pulled back as the Federal Reserve Chair Jerome Powell emphasized the difficulty posed by balancing the state of employment in the U.S. economy and inflation. The 10-year Treasury yield fell 3 basis points to 4.11%. The 2-year Treasury yield down a basis point to 3.59%. The 30-year Treasury bond yield fell 3 basis points to 4.72%.

Oil and gold were a bright spot today, both higher today with gold making a new high. Crypto-currencies were higher, but reversed course.

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