Nasdaq Tumbles 300 Points Following Powell's Speech At Jackson Hole Economic Symposium

U.S. stocks extended losses midway through trading, with the Nasdaq Composite dropping over 300 points on Friday.

Powell said the Federal Reserve’s goal remains getting inflation back down to a goal of 2%. “Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy,” Powell said. “Without price stability, the economy does not work for anyone.”