U.S. stocks are reversing a Tuesday start in the red and now trading higher as investors think through the implications of the Bank of Japan’s surprise announcement to put a higher ceiling on government bond yields.Stocks fell for a fourth straight session on Monday. The Nasdaq Composite was down 6.3% over that stretch, and has retreated 32.6% so far this year.
The Bank of Japan had been a supportive outlier of late having maintained rates at the zero lower bound while others embarked on their biggest tightening cycle in a generation, noted Henry Allen, strategist at Deutsche Bank. The 10-year U.S. Treasury yield TMUBMUSD10Y, 3.683% stood at 3.682% as the equivalent maturity Japanese government bond TMBMKJP-10Y, 0.417% climbed to 0.418%.
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