Contracts on the S&P 500 and Nasdaq 100 indexes dropped at least 0.8 per cent each as U.S. traders returned from a holiday. European stocks fell as Bank of America Corp. to JPMorgan Chase & Co. predicted an end to its 2023 rally. Chinese technology shares declined in early New York trading amid a brewing price war among e-commerce firms. Treasuries slid across the curve.
“The Fed are not signalling they will do anything different from what they have always said — but earlier, markets did not believe them,” said Fahad Kamal, chief investors officer at SG Kleinwort Hambros Bank. “The market was far too complacent at start of the year thinking there’ll be a pivot. Now the data has come in stronger, and the Fed hasn’t changed what they said. So we got a big rally earlier and then a bit of reversal.
The Stoxx 600 traded below 464 points, dragged by technology and commodity stocks. The gauge will end the year two per cent lower than Friday’s close, according to the average target in a Bloomberg survey of forecasters. Bank of America Corp. strategist Milla Savova said a temporary boost to the region’s economy will fade as the full impact of monetary tightening materializes, while earnings forecasts will get downgraded.
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