U.S. stocks finished lower on Thursday, extending the losing streak to a third session as rising bond yields spurred weakness in some of the so-called Magnificent Seven megacap technology stocks.
Long-dated Treasury yields rose again Thursday, with the 10-year yield BX:TMUBMUSD10Y up 4.9 basis points to 4.307%. It finished at its highest level since Nov. 7, 2007. The yield on the 30-year Treasury bond BX:TMUBMUSD30Y rose 5.2 basis points to 4.411%, closing at the highest for the 30-year rate since April 28, 2011, according to Dow Jones Market Data.
However, Fed funds futures traders are pricing in an 88.5% probability that the Fed will leave interest rates unchanged at a range of 5.25%-5.5% on Sept. 20, according to the CME FedWatch Tool. The chance of a 25-basis-point rate hike to a range of 5.5%-5.75% at the subsequent meeting in November is priced at 37%.
“It’s really uncertain where terminal interest rates will land given the economy isn’t giving us a decisive picture of being too strong or too weak. It’s keeping the window open for more rate hikes potentially,” said Mohannad Aama, a portfolio manager at Beam Capital Management, during a phone interview with MarketWatch.
Keller added that rising bond yields tend to have a bigger impact on growth stocks like technology names, while sectors like energy are more resilient. “Energy can do just fine in a rising rate environment. energy and materials should probably do better in a relative basis,” he said.
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