Wall Street is accepting that high interest rates are here to stay a while as the Federal Reserve tries to knock high inflation lower.
Tesla was one of the heaviest weights on the market and slumped 1.5% after it said it delivered fewer vehicles during the summer than analysts had expected. The majority of stocks fell alongside it, but gains for Apple and some other Big Tech stocks helped to limit the market’s losses. High yields hit stocks in several ways. They send more investors to bonds that are paying much more than in the past, which pulls dollars away from stocks and undercuts their prices. They also make borrowing more expensive for companies and their customers, which can pressure their profits.
A strong dollar gives a boost to U.S. tourists spending money abroad, but it hurts U.S. companies that sell their products overseas. And for the big companies in the S&P 500 index, that means a huge chunk of revenue.McCarthy’s last-ditch plan to keep the government open collapses, making a shutdown almost certain
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