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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Halloween, the dollarization of terror, unsafe havens and stocksThe two investing demons in need of exorcising: ‘the dollarization of terror’ and ‘capitulation’
Source: globeandmail - 🏆 5. / 92 Read more »

Asian Stocks Under Pressure, Bond Yields Spike: Markets WrapUS stock futures fluctuated as investors assessed resilient company earnings against an unexpected drop in jobless claims. The pound was firmer and UK bonds climbed as Liz Truss announced she was stepping down as UK prime minister.
Source: BloombergCA - 🏆 73. / 51 Read more »

Bitcoin price will hit $100K in 2023; Stocks, crypto to see 'bull market' - Tone Vays
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Gold stocks: key buy zones for actionKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

YouTuber says towing with Ford's electric truck a 'total disaster' — but analysts still like these 3 EV stocksIt may not be practical — at least for now Yes...YouTube, the bastion of accurate reporting. 😂🤣
Source: nationalpost - 🏆 10. / 80 Read more »