The S&P 500 fell 0.7 per cent in afternoon trading. It’s coming off a 1.5 per cent tumble from the day before that dragged it to its lowest level since June.The Dow Jones was down 0.8 per cent and the Nasdaq composite was 0.6 per cent lower. The Australian sharemarket is set to slide lower, with futures at 4.58am AEST pointing to a fall of 17 points or 0.2 per cent, at the open. The ASXPressure on stocks continued from the bond market. The yield on the 10-year Treasury rose to 4.
It all has brought an end to the old era of investing, where the mantra was “There Is No Alternative” to stocks because bonds were paying such scant yields. With bonds now paying much more and providing real alternatives, stock prices could feel downward pressure for a while.Even so, the “Fed won’t be overly reactive” to drops in stock prices because the overall economy remains solid, the strategists led by Mark Cabana wrote in a BofA Global Research report.
Recent jumps in oil prices have likewise turned up the heat on inflation, and crude climbed further Wednesday. Costco Wholesale was another winner, rising 1.1 per cent after it reported stronger profit for the latest quarter than analysts expected.On the losing end of Wall Street was NextEra Energy Partners, which fell 17.2 per cent. The partnership cut its growth forecast for how much it will distribute to unit holders, citing the burden of higher interest rates.
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