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The unrelenting climb in Treasury yields triggered broad losses in US equities Tuesday, leaving the S&P 500 Index and Nasdaq Composite at four-month lows. The 10-year Treasury note yield, which has been marching steadily higher since August, topped 4.80% yesterday – a level not seen since 2007. The rise reflects mounting concerns that the Federal Reserve’s “higher-for-longer” interest rates could be with us much longer than previously anticipated. The proximate cause of Tuesday’s surge higher may have been a stronger-than-expected labour market reading released earlier in the day, which boosted expectations that another interest rate hike could be in store this year. The S&P 500 was down 1.4%, the Dow Jones Industrial dropped 1.3%, while the Nasdaq Composite fell 1.9%. The main European equity indices were also lower by around 1% yesterday, with the Euro Stoxx 50 Index closing at its lowest level since 24th March.
Summary for 04.10.2023
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