The Globe and Mail reports in its Friday edition that U.S. and Canadian stocks ended solidly lower on Thursday, with longer-term Treasury yields surging as Federal Reserve chair Jerome Powell spoke about monetary policy. A Reuters dispatch to The Globe says that Tesla shares dropped 9.3 per cent a day after the carmaker missed Wall Street expectations on third-quarter gross margin, profit and revenue, and boss Elon Musk said he was concerned about high interest rates affecting demand. Treasury yields rose further and the benchmark U.S. 10-year note yield was at a 16-year high of almost 5 per cent. "The 10-year looks like it is establishing a new higher trend, which is putting pressure on equities, at least in the short term," said Oliver Pursche at Wealthspire in Westport, Conn. "Markets were hoping that Jay Powell would indicate that the Fed is going to pause in its interest rate hikes, and he effectively hinted at the idea that they're going to have to raise again if they continue to have elevated concerns over inflation." Mr. Powell said in New York that the economy's strength and continued tight labour markets could warrant further rate hikes. The S&P/TSX Composite Index ended down 101.89 points at 19,348.81.