U.S. stocks drop as yields keep rising; Pound weakens - BNN Bloomberg

Stocks dropped as Treasury yields continued to climb, with traders betting the Federal Reserve will keep raising interest rates until inflation is defeated, and as investors assessed companies' resilience to a multitude of headwinds in the latest earnings reports.

Investor attention is still keenly focused on the U.K., where the Conservative Party is desperate to draw a line under Liz Truss's disastrous premiership with a rapid leadership contest. The pound slumped more than 1 per cent and yields on 10-year U.K. government debt rose following reports that a detailed fiscal plan may be delayed by the selection process.

Hawkish remarks from Fed officials and swaps pricing in a five per cent peak policy rate in 2023 should continue to support the dollar. The yield on 10-year Treasuries headed for a 12-week streak of increases that would match the duration of the 1984 episode when then-Fed Chairman Paul Volcker was carrying out a series of rapid interest rate hikes.

In New York premarket, Snap Inc. plunged 26 per cent after the social-media company missed third-quarter revenue estimates, a sign of weakness for the online ad market. Meta Platforms Inc., Pinterest Inc. and Google parent Alphabet Inc. were also lower.

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