U.S. equities tumbled Thursday after Federal Reserve Chairman Jerome Powell suggested the central bank would be patient in taking action should inflation return.

The Dow Jones Industrial Average fell 346 points, or 1.11%, while the S&P 500 and the Nasdaq Composite weaker by 1.34% and 2.11%, respectively. The selling pushed the tech-heavy Nasdaq into negative territory for the year and onto the brink of correction territory, down at least 10% from its recent peak.

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Equity markets, especially the Nasdaq, have seen heightened volatility in recent weeks as inflation fears have run the 10-year yield above 1.5%, the level of the S&P 500’s dividend yield. The benchmark yield was up 6 basis points at 1.54% on Thursday. Last week, the yield touched a one-year high of 1.61%.

Looking at stocks, mega-cap technology companies, including Apple Inc., Microsoft Corp. and Amazon Inc., which as growth stocks are particularly sensitive to higher bond yields, remained in focus. Read more at FOX Business