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The equity market’s October shakedown resumed with renewed intensity Wednesday, as markets digested incoming earnings reports and another jump in bond yields. The major equity average saw disparate declines on the day, with the S&P 500 losing 1.4% while the Nasdaq shed more than 2% on technology-sector weakness. The Dow held up better, thanks to a boost from Microsoft and Boeing shares. More broadly, interest rates remain the prominent drive for financial markets. Ten-year Treasury yields were notably higher yesterday, moving back above 4.9% but still off the recent highs after topping 5% on Monday. Elsewhere, European shares extended their muted momentum with mixed session on Wednesday, with Frankfurt’s Dax and the Euro Stoxx 50 closing near the flatline as markets digested a batch of economic data and corporate earnings ahead of the ECB’s policy decision later today.
Summary for 26.10.2023
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