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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