Equities were mixed overnight as weakness in consumer staples and energy offset an Nvidia-led rebound in tech despite a jump in Treasury yields to 16-year highs ahead of potential clues on monetary policy later this week.
Equities closed broadly lower with just the Dow eking out a win, but that was of mere consolation as stocks posted their worst weekly loss since March ahead of the Fed chair Jerome Powell’s appearance at the Jackson Hole economic policy symposium next week
Equities look to be holding on by a thread as the pressure of the highest long term bond yields in over 15 years suffocates growth expectations
Equities closed at their lowest point in 7 weeks as a melt-up in Treasury yields continued after the Federal Reserve’s July meeting signaled that a further rate hike remains in play later this year.
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