(Bloomberg) — Wall Street saw another day of big reversals, with stocks notching their best week since June after a Treasury rout sputtered. The yen jumped as Japan intervened again to prop up the currency.
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At a time when traders have been fixated on the outlook for interest rates, it’s no surprise that all the drama in the world’s biggest bond market would dictate sentiment. After being all over the place in early trading, equities climbed strongly as US yields fell from multiyear highs.
“The story this week is all about the volatility in rates, huge volatility in Treasuries,” said Keith Lerner, chief market strategist at Truist Advisory Services. “But I would say, overall, relative to how much interest rates have moved up, I would say the market has held in there pretty well.”
Traders also kept a close eye on the latest Fedspeak.
US central bankers said the next phase in their campaign to curb inflation will be to debate how high to raise rates and when to slow the pace of increases. St. Louis Fed President James Bullard and his San Francisco counterpart Mary Daly made clear they expect the discussion to be on the table at the November gathering while stressing the need to keep tightening.
Read: Fed’s Evans Sees Further Rate Hikes Ahead, Policy Then on Hold
Equity funds are still seeing inflows, with “final capitulation” not yet here, said Bank of America Corp. strategists. Global stock funds had inflows of $9.2 billion in the week through Oct. 19, according to a note from the bank citing EPFR Global data.
“The equity market is trying to form a bottom to get to the last leg of the bear market,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “It feels like a two-way market right now. We have a tug of war going on between the skeptics and those who think it is time to own equities.”
He noted that the Fed is not done raising rates and valuations are still not as low as he would expect to see at the bottom of a bear market.
“We are just not there yet,” Donabedian added.
Unele dintre principalele mișcări de pe piețe:
Stocuri
S&P 500 a crescut cu 2.4% începând cu ora 4:XNUMX, ora New York-ului
Nasdaq 100 a crescut cu 2.4%
Dow Jones Industrial Average a crescut cu 2.5%
Indicele MSCI World a crescut cu 1.5%
Valute
Indicele Bloomberg Dollar Spot a scăzut cu 0.8%
Euro a crescut cu 0.8%, până la 0.9862 dolari
Lira sterlină a crescut cu 0.6%, până la 1.1301 dolari
Yenul japonez a crescut cu 1.7%, până la 147.66 pe dolar
Cryptocurrencies
Bitcoin a crescut cu 0.9% la 19,201.33 USD
Ether a crescut cu 1.7% la 1,304.22 USD
Obligațiuni
Randamentul la Trezoreria pe 10 ani a scăzut cu un punct de bază, până la 4.22%
Randamentul pe 10 ani al Germaniei a crescut cu un punct de bază la 2.42%
Randamentul pe 10 ani al Marii Britanii a crescut cu 14 puncte de bază, la 4.05%
Mărfuri
Țițelul Intermediar din West Texas a crescut cu 0.8%, până la 85.17 dolari pe baril
La termen, aurul a crescut cu 1.4%, până la 1,660.30 dolari pe uncie
–With assistance from Vildana Hajric and Emily Graffeo.
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