Business Maverick: US Stocks Climb; Treasuries Drop After BOJ’s Move: Markets Wrap

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US stocks climbed as shares of major technology companies rose and investors parsed data that showed Federal Reserve tightening is hitting the economy. Treasuries dropped after a sudden hawkish move from the Bank of Japan sent the yen soaring and raised...

The S&P 500 and the Nasdaq 100 rose after oscillating between modest gains and losses earlier in the session. Gains in the shares of Amazon.com Inc. and Microsoft Corp. buoyed both indexes. Investors are closely watching economic data releasing this week that could confirm the US economy is losing steam, potentially allowing the Fed leeway in its tightening campaign.in November and permits plunged.

Bond yields meanwhile remained elevated, but slightly trimmed their climb, with the 10-year Treasury yield hovering around 3.68% after touching 3.70% earlier in the session. Analysts reckon more losses lie ahead as Japanese investors — major players in US and European debt — have more incentive now to bring money home.

Until now, the BoJ has been an outlier among central banks, most of which have rapidly tightened policy. The Japanese monetary authority adjusted its yield curve control program to allow 10-year borrowing costs to rise to around 0.5%, versus the previous 0.25% upper limit, bucking forecasts for no change at its policy meeting.

“Tighter BoJ policy would remove one of the last global anchors that’s helped to keep borrowing costs at low levels more broadly,” Deutsche Bank analysts told clients, noting the BoJ move had come as markets were “already reeling” from the European Central Bank and Federal Reserve’s hawkishness last week.

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