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The stock market remains lower Thursday, with higher-valuation stocks in the crosshairs again as the Fed aims to push real rates higher.
The S&P (SP500) -0.5%, Nasdaq (COMP.IND) -1% and Dow (DJI) -0.5% are lower.
Nine of 11 S&P sectors are lower, with Communication Services the biggest decliner. Defensive sectors Healthcare and Consumer Staples are the only winners.
Microsoft is the only megacap that is higher.
The yield curve is steepening, with traders pointing to profit-taking on the short end, Bloomberg reported. The 10-year Treasury yield is up 4 basis points to 2.65% and the 2-year is down 4 basis points to 2.46%.
St. Louis Fed President James Bullard said that Fed policy is too low by about 300 basis points, but that it had to watch out for the yield curve inverting. He also said that the Fed isn’t as far behind the curve as some models show.
“Our base case remains for four consecutive 50bp hikes in May, June, July, and September followed…
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2022-04-07 16:28:00
