![]() "Benchmark 10-year Treasury yields have now cleared key resistance at 3.90%, elevating upside risk in yields, which will likely continue to weigh on equities."Ī trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., February 17, 2023. "Rising rates due to the market’s repricing of a potentially higher for longer monetary policy path have weighed on risk appetite," Adam Turnquist, chief technical strategist for LPL Financial said in a note. In other areas of the market, Treasury yields ascended, with the benchmark 10-year note rising 12 basis points to top 3.9%, the highest level since November. ![]() "Investors are waking up to the realization that fresh interest rate hikes will be needed in the US - perhaps as many as three in quick succession - to tame the price spiral and that’s set to send consumers more cautious," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said in emailed comments. The S&P 500 fell 0.3% for the week, its second consecutive week in the red, while the Nasdaq was an outlier, notching a weekly gain of 0.6%. On Friday, the Dow Jones Industrial Average logged its third-straight losing week for the first time since September, closing down 0.1% for the five-day trading period. ![]() Morgan Stanley's Mike Wilson wrote in Tuesday morning note that "the bear market rally that began in October from reasonable prices and low expectations has morphed into a speculative frenzy based on a Fed pause/pivot that isn’t coming." ![]()
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