S&P 500 on track for worst session since June 28. Tech leads declines as US Treasury yields soar. Fed Chair Powell slated to speak Friday after PCE data.
US Treasury yields were higher across the curve, reflecting the shift in tone of market participants. The 2-year yield traded back through 3.30%, up nearly 10 basis points on the session. These chunky fixed income moves weighed heavily on stocks, with tech shares drastically underperforming on the session. Netflix shares plunged more than 6% while Amazon fell by more than 3.5%. Apple, the bellwether of the market, was lower by almost 2%.
With such major event risk on the calendar this week, sharp moves such as the one we are currently seeing may become commonplace. Whether this is a case of the market once again getting ahead of itself in anticipation of a major Fed event will simply have to be seen in due course.
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