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U.S. stocks give up rally above key mark after Fedspeak - BNN Bloomberg

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A rally in stocks fizzled out after two Federal Reserve officials signaled that interest rates could top 5 per cent, throwing some cold water on traders who saw a peak below that mark.

The S&P 500 failed to stay above the key 3,900 level, erasing an advance that reached almost 1.5 per cent earlier in the session. The Dow Jones Industrial Average underperformed, while the Nasdaq 100 remained higher thanks to gains in big tech, with Tesla Inc. surging about 6 per cent. The dollar pared losses.

Investors also awaited Thursday’s U.S. CPI report that will come out almost a week after the latest jobs data showed that wage growth has decelerated. The figures will be among the last such readings policy makers will see before their Jan. 31-Feb. 1 gathering. Morgan Stanley’s Michael Wilson said that while investors are generally pessimistic about the outlook for economic growth, corporate profit estimates are indeed still too high. That suggests the S&P 500 could fall much lower than the 3,500 to 3,600 points the market is currently estimating in the event of a mild recession, he said.

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