Powell was given a second term as Federal Reserve Chair.
Kevin Lamarque.
US futures fell on Tuesday as bond yields rose after President Joe Biden picked Powell for a second term as Federal Reserve chair.
The S&P 500 futures were down 0.19% after the index fell the previous day.
Tech stocks were lower on Monday as the rise in bond yields helped push them down. Higher bond yields make stocks less attractive.
The stock market in Europe followed the US lower. The Stoxx 600 index fell in early trading.
China's CSI 300 finished roughly flat, while Tokyo's Nikkei 225 eked out a 0.05% gain.
Powell was nominated by Biden to serve another four years as chair, over Lael Brainard, who was also in the running. The vice chair was chosen by Brainard.
The markets thought Biden's decision washawkish because Powell would be more interested in controlling inflation than Brainard would have been.
The rise in bond yields was caused by the expectation that the Fed may begin to "tapering" its bond purchases more quickly and raise interest rates further over the next two years.
The yield on the 10-year Treasury note, which moves in the opposite direction of prices, rose to 1.634% on Tuesday, above a recent low of 1.418%.
The yield on the 2-year Treasury note rose to its highest level in over a year.
On Tuesday, the dollar index fell 0.15% to 96.40 after hitting 96.60 the previous day, its highest since July of last year.
The Goldman Securities recommends buying 29 high-growth, ultra-profitable stocks that can survive higher interest rates.
Europe's fourth coronaviruses wave is causing stock-market investors concern. Austria and Germany are reimposing restrictions that could have a negative effect on the global economy.
Analysts were positive about Powell's nomination for a second term despite the dip in the stock market.
Chris Beauchamp, chief market analyst at trading platform IG, said that the reappointment of Powell marks the return of the approach pursued by new US presidents since 1980, namely reappointing the incumbent Fed chair in order to provide the continuity that markets crave.
With markets closed for Thanksgiving and a shorter trading day on Friday, US investors are likely to lose interest in the decision.
The price of oil continued to fall, with traders expecting countries to release reserves to try to tame high energy prices.
A high of above $86 a barrel was the high for the price of oil. The price of crude was lower.
Business Insider has an original article.
