Wall Street is looking ahead to more big tech earnings coming next week.
yield was down by multiple basis points to 4.183%. That marks a turn from Friday, when it hit a 14-year high at 4.337% before the Wall Street Journal reported that some Federal Reserve officials were growing concerned about raising interest rates too far.yield was also down by less than a basis point to 4.487% after hitting a high also not seen since the late 2000s.Yields and prices move in opposite directions. One basis point equals 0.01%.
The success of the rally "ultimately depends on rates," money supply and the relative tightness of financial conditions, Dwyer wrote in Monday note to clients. Unfortunately for bulls, the two-year Treasury yield made a new high last week, meaning that the recent low in the S&P 500 is probably not the ultimate bottom.
"In our view, for a sustainable rally, it will take very aggressive signaling from the Fed to reverse rates enough to cause a significant recovery in money availability. This Fed `pivot' typically comes from a significant deterioration in the economic data and/or a market event that is perceived as systemic risk . Only then will investors be able to look through the coming economic weakness in 1H/2023.
Tesla – The electric vehicle maker shed 2.5% after cutting Model 3 and Model Y prices in China by up to 9%. Chinese electric vehicle makers' shares notched down in response.
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