Gilt yields plunge after Bank of England steps in to buy at ‘whatever scale is necessary’

Gilt yields plunge after Bank of England steps in to buy at ‘whatever scale is necessary’

UK gilt yields fell back from their highest in 14 years after the Bank of England said it would buy bonds at “whatever scale is necessary” to restore orderly market conditions. The 10-year benchmark gilt yield TMBMKGB-10Y, 4.123%, which moves in the opposite direction to prices, fell 49 basis points to 4.03%, having at one … Read more

S&P 500 falls to two-year low, bear market rally snuffed out

S&P 500 falls to two-year low, bear market rally snuffed out

Sept 27 (Reuters) – The S&P 500 (.SPX) fell to its lowest level in almost two years on Tuesday on worries about super aggressive Federal Reserve policy tightening, trading under its June trough and leaving investors appraising how much further stocks would have to fall before stabilizing. Stocks have been under pressure since late August … Read more

Wharton’s Jeremy Siegel accuses Fed of making one of the biggest policy mistakes in its 110-year history

Wharton’s Jeremy Siegel accuses Fed of making one of the biggest policy mistakes in its 110-year history

““I think we’re giving Powell too much praise. … The last two years are one of the biggest policy mistakes in the 110-year history of the Fed by staying so easy when everything was booming.”” —Jeremy Siegel Wharton professor Jeremy Siegel has a bone to pick with Federal Reserve Chair Jerome Powell. The longtime market … Read more

SNAPSHOT Dow on pace to confirm bear market, falls 20% from record close

SNAPSHOT Dow on pace to confirm bear market, falls 20% from record close

Register now for FREE unlimited access to Reuters.com Register Sept 23 (Reuters) – The Dow Jones Industrial Average (.DJI) was down more than 20% from its Jan. 4 record closing high on Friday, putting it on track to confirm a bear market at the close. The index would confirm it has been in a bear … Read more

Growling Powell causes Goldman to cut its S&P 500 price target. Again.

Growling Powell causes Goldman to cut its S&P 500 price target.  Again.

During the height of the bull market – which, boy, seems so long ago – the call-option crazy punters inhabiting the Wallstreetbets channel had a favorite meme to explain why stocks would keep going higher. “Money Printer Go Brrr” featured a Rambo-esque Jay Powell, chair of the Federal Reserve, determinedly firing out greenbacks to whoever … Read more

Wall Street skids to two-month lows as FedEx warning stokes slowdown fears

Wall Street skids to two-month lows as FedEx warning stokes slowdown fears

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, US, October 26, 2020. REUTERS/Mike Segar/File Photo Register now for FREE unlimited access to Reuters.com Register FedEx warning sends shudders across the sector All the three major indexes set for sharp weekly losses … Read more

US stocks gain ground as investors await August inflation reading

US stocks gain ground as investors await August inflation reading

US stocks rose early Monday, on track for a fourth consecutive day of gains, as traders look ahead to inflation data later in the week. How are stocks trading The Dow Jones Industrial Average DJIA, +0.85% rose 127 points, gold 0.4%, to 32,278. The S&P 500 SPX, +0.96% was up 25 points, or 0.6%, at … Read more

US gains 315,000 jobs in August. Labor market still strong but shows sign of cooling.

US gains 315,000 jobs in August.  Labor market still strong but shows sign of cooling.

The numbers: The US added a robust 315,000 new jobs in August, showing that businesses still have a big appetite for labor even as the economy slows and worries about a recession grow. The increase in hiring basically matched Wall Street estimates. Economists polled by The Wall Street Journal had forecast 318,000 new jobs. The … Read more

Inflation falls for the first time in more than two years, key US gauge shows, due to sinking gas prices

Inflation falls for the first time in more than two years, key US gauge shows, due to sinking gas prices

The numbers: A key gauge of US inflation fell 0.1% in July thanks to tumbling gasoline prices, marking the first decline in more than two years and giving Americans some relief from a rapidly rising cost of living. The drop in the so-called personal-consumption price index was the first since April 2020, when the US … Read more

Nasdaq slides as chipmaker Micron’s warning sparks tech rout

Nasdaq slides as chipmaker Micron’s warning sparks tech rout

Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, US, August 8, 2022. REUTERS/Andrew Kelly Register now for FREE unlimited access to Reuters.com Register Micron tempers forecast as demand weakness deepens Novavax falls 25% after cutting revenue view by half Indexes mixed: Dow flat, S&P off … Read more