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Oct. 22, 2021, 12:39 p.m. EDT

Stock market briefly takes a U-turn lower Friday as Tepper says market isn't a great investment now, Powell hints a rate hike

U.S. stock indexes were turning lower midday Friday, with the main benchmarks retreating from records to end an otherwise strong week of gains, as investors digested comments from Federal Reserve Chairman Jerome Powell. Some of the shift lower in sentiment intraday als was blamed on comments from hedge-fund luminary David Tepper, who said he didn't think stocks were "a great investment right here," in an interview with CNBC on Friday. "I just don't know how interest rates are going to behave next year... I don't think there's any great asset classes right now... I don't love stocks," he told the business network. The Dow Jones Industrial Average [ : DJIA] was up less than 0.1%, while the S&P 500 index (S&P:SPX) was off 0.3% and the Nasdaq Composite Index (NASDAQ:COMP) was nearly 1% lower. Powell told the BIS that the job market could reach maximum employment next year, achieving one of the Fed's central mandates, which he said would meet one requirement for a rate hike.

Link to MarketWatch's Slice.