Mumbai, Sept. 24 -- The tech-heavy Nasdaq led the way lower, slumping 215.50 points or 1.0 percent to 22,573.47. The S&P 500 slid 36.83 points or 0.6 percent to 6,656.92, while the narrower Dow dipped 88.76 points or 0.2 percent to 46,292.78.

Wall Street weakness partly stemmed from concerns about overvaluation after Fed Chair Jerome Powell noted equities are "fairly highly valued." Speaking in Rhode Island, Powell highlighted the Fed's challenge of balancing upside inflation risks with downside employment risks. He warned that easing too quickly could leave inflation unresolved, while keeping policy restrictive for too long could hurt the labor market. Powell stressed the need to carefully balance both sides of the Fed's dual mandate. ...