CNBC Daily Open: Bond yields resurge on Powell’s speech
Publishing timestamp: 2023-11-09 18:46:37
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, while Europe's Stoxx 600 index traded up due to strong corporate earnings. Tesla shares dropped after HSBC Global rated the company as "reduce." SoftBank's Vision Fund posted gains, but the company recorded a loss due to the collapse of WeWork. The article also mentions Goldman Sachs' belief that the Fed will need to hold long-term rates at a level higher than the neutral interest rate. Powell's comments on rate cuts caused U.S. Treasury yields to rise and stocks to fall. Despite rising yields, some analysts believe stocks can finish the year positively, but movements in interest rates will play a significant role.
Sentiment: MIXED
Tickers: SOBKY, .SPX, AZN-GB, HSBA-GB, HSBC, .DJI, AZE-BE, TSLA, .IXIC, GS,
Keywords: jerome powell, arm holdings plc, economic events, s&p 500 index, united states, tesla inc, astrazeneca plc, azelis group, interest rates, business news, world markets, softbank corp, nasdaq composite, goldman sachs group inc, markets, prices, hsbc holdings plc, technology, dow jones industrial average,
Source: https://www.cnbc.com/2023/11/10/stock-markets-bond-yields-resurge-on-powells-speech.html