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Stocks slip as Treasuries graze 5%, Middle East war rages

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LONDON, Oct 19 - Stocks tumbled on Thursday, under pressure from investor caution over the Middle East conflict and from the largest one-week rise in 10-year Treasury yields in 18 months, ahead of remarks by Federal Reserve Chair Jerome Powell and a heavy earnings day.

Adding to the moving parts is the third-quarter earnings season. Thursday brings a raft of major company results, including TSMC , the world's most advanced chip maker, as well as Philip Morris , Blackstone and Fifth Third Bancorp . "We'll see how this geopolitical situation evolves. The risk premium is clearly playing more out in gold, for instance, and in the U.S. dollar, than in bond yields - that is not the main driver of the day. It's very much supply and demand and 'higher for longer'," he said.

A Reuters poll of economists showed the Fed will keep interest rates unchanged when it meets on Nov. 1, and a growing number see no cut in rates until the second half of 2024. U.S. President Joe Biden pledged to help Israel and the Palestinians during a lightning visit on Wednesday.

 

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