![]() ![]() “If the Fed wants to hike and hold, the big question is at what level.Īll but six of the stocks in the S&P 500 fell. “Right now, it’s not the journey that’s a worry so much as the destination,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments. The hotter-than-expected reading has traders bracing for the Federal Reserve to ultimately raise interest rates more than expected to combat inflation, with all the risks for the economy that entails. ![]() The 10-year yield, which helps dictate where mortgages and rates for other loans are heading, rose to 3.42% from 3.36%. ![]() The yield on the two-year Treasury, which tends to track expectations for Fed actions, soared to 3.74% from 3.57% late Monday. The Dow fell 3.9% to 31,104.97 and the Nasdaq composite closed 5.2% lower, at 11,633.57.īond prices also fell sharply, sending their yields higher, after a report showed inflation decelerated only to 8.3% in August, instead of the 8.1% economists expected. ![]() indexes and erased an early rally in European markets. The steep sell-off didn’t quite knock out the market’s gains over the past four days, but it ended a four-day winning streak for the major U.S. Tuesday's hotter-than-expected report on inflation has traders bracing for the Federal Reserve to raise interest rates still more, adding to risks for the economy. On Tuesday, the Dow lost more than 1,250 points and the S&P 500 sank 4.3%. futures edged higher, with the contracts for the Dow industrials and the S&P 500 up 0.1%. Tokyo’s benchmark Nikkei 225 lost 2.8% in early trading Wednesday, to 27,816.58, while Sydney's S&P/ASX 200 declined 2.5% to 6,834.80. NEW YORK - Asian markets skidded lower on Wednesday after Wall Street fell the most since June 2020 as a report showed inflation has kept a surprisingly strong grip on the U.S. ![]()
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