: S&P 500, Nasdaq snap longest winning streak in 2 years after Powell remarks, weak bond auction

Stocks ended lower Thursday, with the S&P 500 SPX snapping an eight-day winning streak and the Nasdaq Composite COMP breaking a nine-day run of gains after Federal Reserve Chair Jerome Powell reiterated that further rate hikes may be needed to rein in inflation. Also, a poorly received auction of 30-year Treasury bonds helped sour sentiment. The Dow Jones Industrial Average DJIA dropped around 220 points, or 0.6%, to finish near 33,892, according to preliminary data. The S&P 500 fell 0.8% and the Nasdaq shed 0.9%. The winning streaks were the longest for both indexes in two years.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.