S&P 500 has lost ground in first three quarters of the year amid worries that high inflation and rising borrowing costs will damage the economy and hit profits
U.S. stock futures on Monday were starting the final quarter on a muted note as fears about the impact of tighter Fed policy continued to suppress sentiment.
The S&P 500 has fallen for three consecutive quarters, off 24.8% over that time, and it lost 9.3% in September, the biggest monthly fall since March 2020.U.S. stocks were looking to start October and fourth quarter trading on a bearish note as worries lingered that the higher borrowing costs needed to crush multi-decade high inflation will damage the economy and hit corporate profits.
“The personal consumption index reading release on Friday underlined that this milestone [peak inflation] has not yet been reached, with prices excluding food and energy rising by 0.6% in August after a flat July. On a yearly basis the core number rose by 4.9%, ahead of the expected 4.7%. as such, the Fed is likely to keep a firm hand on the hiking tiller for the time being,” said Hunter.
There was some potentially calming news from the U.K. however, where a government U-turn on tax policy, that had so roiled equity and fixed income markets last week, helped push sovereign bond yields lower. The benchmark 10-year Treasury TMUBMUSD10Y dipped 2.8 basis points to 3.803% as the equivalent duration U.K. bond TMBMKGB-10Y eased 15 basis points to 3.996%.
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