CNBC Daily Open: Powell’s hawkish speech sent bond yields soaring
Publishing timestamp: 2023-11-10 02:30:01
Summary
The article discusses Federal Reserve Chair Jerome Powell's speech, in which he expressed concerns about the effectiveness of monetary policy in bringing down inflation. Major U.S. indexes fell, breaking their winning streaks, and Asian markets followed suit. Tesla shares dropped after being rated as "reduce" by HSBC Global. The article also mentions mixed corporate fortunes in China, with Chinese EV startup Li Auto selling more cars than Tesla in October, but China's largest chipmaker SMIC experiencing a significant drop in net income. The article concludes by mentioning the uncertainty surrounding interest rates and the impact on Treasury yields and stock markets. Despite this, some experts believe stocks can finish the year on a positive note.
Sentiment: MIXED
Tickers: .SPX, 2015-HK, .DJI, TSLA, .IXIC,
Keywords: jerome powell, united states, tesla inc, interest rates, economic events, nasdaq composite, s&p 500 index, markets, prices, business news, li auto inc, technology, world markets, dow jones industrial average,
Source: https://www.cnbc.com/2023/11/10/stock-markets-powells-hawkish-speech-sent-bond-yields-soaring.html