S&P 500 Wavers Ahead of Earnings as Chip Stocks Slide — US Market Wrap
A continued selloff in semiconductor stocks kept equity markets under pressure ahead of the earnings season, as investors awaited key inflation figures this week that could shape expectations for the Federal Reserve’s next policy moves. Major chipmakers extended their declines for a fifth consecutive session, marking their longest losing streak since July and weighing on the S&P 500, even as most other sectors advanced. Meanwhile, the benchmark index remained close to record highs, supported by expectations of strong corporate earnings despite elevated oil prices and Treasury yields. Treasury futures traded little changed, while the cash bond market remained closed for the Columbus Day holiday. Fed's Hammack said that making smaller and more frequent adjustments to monetary policy could help keep inflation expectations stable. However, she did not explicitly support raising interest rates at the Fed’s meeting this month.
A continued selloff in semiconductor stocks kept equity markets under pressure ahead of the earnings season, as investors awaited key inflation figures this week that could shape expectations for the Federal Reserve’s next policy moves. Major chipmakers extended their declines for a fifth consecutive session, marking their longest losing streak since July and weighing on the S&P 500, even as most other sectors advanced. Meanwhile, the benchmark index remained close to record highs, supported by expectations of strong corporate earnings despite elevated oil prices and Treasury yields.
Treasury futures traded little changed, while the cash bond market remained closed for the Columbus Day holiday. Fed's Hammack said that making smaller and more frequent adjustments to monetary policy could help keep inflation expectations stable. However, she did not explicitly support raising interest rates at the Fed’s meeting this month.