Stocks slid on Thursday as Wall Street parsed commentary from Federal Reserve Chair Jerome Powell while monitoring a key milestone for a closely followed Treasury bond yield.

The Dow Jones Industrial Average shed 250.91 points, or 0.75%, to end at 33,414.17. The S&P 500 dropped 0.85% to 4,278, while the Nasdaq Composite finished 0.96% lower at about 13,186.

Powell said inflation was still too high and would likely require lower economic growth, while also noting recent data showed progress toward slowing prices. The Fed Chair, who spoke at an event at the Economic Club of New York on Thursday, also said that monetary policy was not yet too tight.

“Incoming data over recent months show ongoing progress toward both of our dual mandate goals —maximum employment and stable prices,” Powell said.

But, “in any case, inflation is still too high,” he said. “A few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal.”

Investors appeared to take away that the Fed would likely kept interest rates unmoved at least at its next policy meeting. The market is pricing in an approximately 97% chance that the central bank leaves rates unchanged as of Thursday, up from about 93% a day prior, according to CME Group’s FedWatch tool.

But market participants were left unsure of how, or if, the Fed would move rates in the longer term, said Stephanie Lang, chief investment officer at Homrich Berg.

“There’s still some confusion in the market,” she said. “The Fed is hesitant to say their job is done. And I think that will cause volatility in the market until we have a clearer idea of where interest rates will peak out.”

Rising bond yields also weighed on the market. The benchmark U.S. 10-year Treasury yield notched a high of 4.996% on Thursday, inching closer to the well-followed 5% level that was last crossed in 2007. After Powell’s remarks were released, the yield hovered near that high.

Elsewhere, traders also parsed the latest earnings reports. More than 15% of companies in the S&P 500 have already reported this earnings season, according to FactSet. Of those, more than 74% have surpassed Wall Street expectations.

Electric vehicle juggernaut Tesla slid more than 9% after the company missed analyst expectations on earnings and revenue in the third quarter. CEO Elon Musk also warned that the company’s Cybertruck will not produce much positive cash flow more than a year after production starts.

Netflix shares, on the other hand, jumped 16% for its best day since January 2021. The action comes a day after the streaming giant posted third-quarter earnings that beat estimates. The company got a boost from strong ad-tier subscriptions.

Beyond technology stocks, AT&T climbed more than 6% after beating expectations for the third quarter, while investment firm Blackstone slid nearly 8% on a weaker-than-expected report.

The three major indexes are also on pace to end the week lower. The Nasdaq is poised to slip 1.7% on the week, while the S&P 500 and Dow are on track to post losses of 1.2% and 0.8%, respectively.

— CNBC’s Jeff Cox and Gina Francolla contributed to this report.

Correction: LSEG is formerly known as Refinitiv. An earlier version misstated the company’s previous name.