Stocks slip as Treasuries graze 5%, Middle East war rages

© Reuters. FILE PHOTO: An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. REUTERS/Aly Song/File Photo

Investors are juggling two competing themes in the market right now - that of an outlook of sky-high interest rates for an extended period of time, and that of a war with the potential to upend global geopolitics. At the same time, investors have ditched bonds as a safe-haven choice and instead opted to buy gold, which is at its highest in two months.

The main event for markets the day, however, will be Powell's speech on the economic outlook before the Economic Club of New York later on.

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