U.S. stocks and Treasuries dropped as traders mulled the Federal Reserve's path next year after central bank officials vowed to keep raising rates until they're confident inflation has been subdued.
The S&P 500 fell and the tech-heavy Nasdaq 100's trimmed earlier losses that exceeded one per cent. Declines in the shares of Microsoft Corp., Amazon.com Inc. and Apple Inc. weighed on both indexes. An initial rally in Tesla Inc. shares following Elon Musk's suggestion that he may step back from Twitter Inc. faded. Treasury yields climbed, with the policy-sensitive two-year yield around 4.26 per cent.
“Those who were in the camp of a year-end rally are now second-guessing their investment thesis,” wrote JC O'Hara, chief market technician at MKM Partners. “The markets may have placed a little too much faith in Santa Claus and the rally he typically brings.” “I'm kind of more in the camp of they hike in February, and I do think they'll hike again in March, but that's probably it,” Matt Brill, head of U.S. investment grade and senior portfolio manager at Invesco, said on Bloomberg Television. “We're 90 per cent-95 per cent of the way done here. I think the floor has sort of been set and the worst is certainly behind us.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Teck to sell closed Quintette mine to Conuma Resources for $120M, plus royalties - BNN BloombergTeck Resources Limited says it has reached a deal to sell its closed Quintette steelmaking coal mine in northeast British Columbia to Conuma Resources Ltd.
Read more »
Disney closes at lowest since 2020 after tepid 'Avatar' debut - BNN BloombergWalt Disney Co. fell on Monday, with the media company extending a lengthy selloff that took the stock to a more than two-year low.
Read more »
Porter looks to attract a new customer base with countrywide route expansion - BNN BloombergPorter Airlines has announced a series of route and frequency expansions in the hopes of filling the gap of a high-value economy experience across North America.
Read more »
Keith Richards' Top Picks: December 19, 2022 - BNN BloombergTopPicks from Keith Richards, president and chief portfolio manager, ValueTrend Wealth Management
Read more »
Sam Bankman-Fried prepared to be extradited to U.S. as soon as Monday - BNN BloombergDisgraced FTX co-founder Sam Bankman-Fried has indicated he’s preparing to be extradited to the U.S. from the Bahamas as soon as Monday, according to a person with direct knowledge of the matter.
Read more »
Number of job vacancies down in the third quarter: Statistics Canada - BNN BloombergStatistics Canada says the number of job vacancies fell in the third quarter after reaching a record high in the second quarter.
Read more »