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A leading candidate to be President Donald Trump's choice for Federal Reserve chair said that he would present the president's views to Fed officials for their consideration but they could reject them if they chose when making decisions on interest rates.
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Chiefs to miss NFL play-offs for first time in 11 years BBCMahomes exits hurt as Chiefs' playoff hopes end ESPNAndy Reid Shares Latest After Chiefs Lose Mahomes to Injury Sports IllustratedPatrick Mahomes Is Injured as Chiefs Miss NFL Playoffs for First Time in 10 Years People.comChiefs eliminated, Patrick Mahomes injured as an era ends in Kansas City Yahoo Sports
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Making sense of the risky Netflix-Warner Bros. deal TechCrunchOpinion | David Ellison Is Playing a Dangerous Game The New York TimesFive Things We're Getting Wrong About Warner Bros.' Netflix Deal Bloomberg.comIt's a sequel, it's a remake, it's a reboot: Lawyers grow wistful for old corporate rumbles as Paramount, Netflix fight for Warner FortuneThe battle for War
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‘Game recognises game': How Jensen Huang won over Donald Trump Financial TimesRIP American Tech Dominance The AtlanticChina Is ‘Rejecting' H200s, Outfoxing US Strategy, Sacks Says Bloomberg.comUS lawmaker demands details on Trump's decision to sell Nvidia H200 chips to China ReutersNvidia chips for China, frozen Russian funds, and a lot of self-checkout stealing : The Indicator from Planet
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The stock market took another step lower Friday, as Treasury yields continued to rise to levels not seen in over a decade.
Today's drop brought the Dow below the important 30,000 mark and this close to bear-market territory, which is defined as a 20% drop from the most recent high (or its Jan. 3 peak at 36,585.06, in this case). The blue-chip index is the only one of its major market peers to have not crossed that threshold (the Nasdaq, remember, entered a bear market on March 7, and the S&P 500 on June 13).
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"Financial markets are now fully absorbing the Fed's harsh message that there will be no retreat from the inflation fight," says Douglas Porter, chief economist at BMO Capital Markets. "The steep back-up in global rates further bludgeoned stocks, resource prices, and commodity currencies this week, given mounting recession odds," he added.
While yields on government bonds came off their earlier highs, they are still hovering at levels not seen in over 10 years (2011 for the 10-year note and 2007 for the two-year). Specifically, the 10-year Treasury yield hit a session peak of 3.829% before settling at 3.695%, while the 2-year Treasury yield climbed as high as 4.27% before ending at 4.201%.
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As for the equities marke
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