Wall Street ends lower as Russell 2000, Nasdaq lead declines amid rising Treasury yields
US stocks fell Wednesday with the Russell 2000 and Nasdaq leading losses as Treasury yields surged.
US stocks fell Wednesday with the Russell 2000 and Nasdaq leading losses as Treasury yields surged.
US services PMI at 58.7 beats 56.0 forecast, sending 10-year yields above 5% and boosting the dollar.
US Treasury yields hit multi-year highs as strong growth and sticky inflation pressure the Fed. Stocks fell sharply.
European stocks fell Wednesday as rising bond yields on both sides of the Atlantic weighed on sentiment.
US dollar rises as Treasury yields climb and odds of another Fed rate hike increase.
Fed's Michael Barr said more rate hikes are likely needed to bring inflation back to 2% in a timely manner.
US September flash services PMI rose to 58.7, beating the 56.0 forecast. Manufacturing PMI jumped to 57.0.
Bitcoin rose about 13% after the Fed's September 16 rate hike, driven by Wall Street fund buying. Three factors fueled their return.
EUR/USD is approaching the 1.1400 support zone as markets digest hawkish Fed and ECB decisions and await flash PMIs and US-Iran talks.
Strive CEO Matt Cole says Bitcoin could rise without limit versus the dollar as US debt worsens.
NY Fed's Roberto Perli said the halt in bill purchases is not preset and will be adjusted based on liquidity needs, keeping the door open to resumption.
Bitcoin traded at $86,423 as Tom Lee and iTrustCapital CEO Kevin Maloney said the worst is over, despite a rate hike and failed crypto bill.
Fed's Barkin likened the current hiking cycle to the 1990s mid-cycle adjustment; an easing cycle then featured 75 bps cuts over seven months.
Richmond Fed President Barkin said inflation risks outweighed employment risks in last week's rate hike, and sees the economy firming, leaving the door openβ¦
Fed's Collins says a stronger labor market allows policymakers to focus on price stability after five years of high inflation.