A woman wearing a face mask walks past a bank’s electronic board showing the Hong Kong share index in Hong Kong, Tuesday, Jan. 18, 2022. Asian shares were mostly higher Tuesday in the absence of big market-moving news following a national holiday in the U.S.
A man wearing a face mask walks past a bank’s electronic board showing the Hong Kong share index in Hong Kong, Tuesday, Jan. 18, 2022. Asian shares were mostly higher Tuesday in the absence of big market-moving news following a national holiday in the U.S.
People wearing face masks walk past a bank’s electronic board showing the Hong Kong share index in Hong Kong, Tuesday, Jan. 18, 2022. Asian shares were mostly higher Tuesday in the absence of big market-moving news following a national holiday in the U.S.
In this photo provided by the New York Stock Exchange, Specialist James Denaro works at his post on the trading floor, Tuesday, Jan. 18, 2022. Stocks fell broadly in morning trading on Wall Street Tuesday as investors review the latest batch of corporate earnings and continue monitoring rising inflation and the virus pandemic.
The Wall St. street sign is framed by the American flags flying outside the New York Stock exchange, Friday, Jan. 14, 2022, in the Financial District. Stocks fell broadly in morning trading on Wall Street Tuesday as investors review the latest batch of corporate earnings and continue monitoring rising inflation and the virus pandemic.
In this photo provided by the New York Stock Exchange, trader Aman Patel, left, works on the trading floor, Tuesday, Jan. 18, 2022. Stocks fell broadly in morning trading on Wall Street Tuesday as investors review the latest batch of corporate earnings and continue monitoring rising inflation and the virus pandemic.
In this photo provided by the New York Stock Exchange, trader Sal Suarino works on the trading floor, Tuesday, Jan. 18, 2022. Stocks fell broadly in morning trading on Wall Street Tuesday as investors review the latest batch of corporate earnings and continue monitoring rising inflation and the virus pandemic.
Technology companies led a broad sell-off on Wall Street Tuesday as bond yields surged amid renewed jitters that the Federal Reserve will act more aggressively than expected to tackle rising inflation.
The S&P 500 fell 1.8%, with about 90% of the stocks in the benchmark index closing in the red. The Nasdaq, which is heavily weighted with technology stocks, slid 2.6%. The Dow Jones Industrial Average fell 1.5%.
The major indexes’ losses have mounted this month as rising inflation and the virus pandemic’s latest surge cause investors to take caution.
Heightened expectations of a rate hike from the Fed have kept Treasury yields rising. The 10-year Treasury hit 1.87% Tuesday, the highest since January 2020. It was at 1.77% late Friday.
Investors are now pricing in a better than 86% probability that the Fed will raise short-term rates at its meeting of policymakers in March. A month ago, they saw less than a 47% chance of that, according to CME Group.
The 10-year yield “just continues to trudge higher, pricing in a more and more aggressive Federal Reserve,” said Ross Mayfield, investment strategy analyst at Baird. “Until over the weekend, I hadn’t seen any speculation about two rate hikes at the March meeting, and now you’re starting to hear that chatter.”
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