- Title: Wall Street stumbles on rising Treasury yields, inflation worries
- Date: 28th September 2021
- Summary: NEW YORK, NEW YORK, UNITED STATES (SEPTEMBER 28, 2021) (REUTERS) (SOUNDBITE) (English) SYSTEMATIC VENTURES, CEO, MAX WOLFF, SAYING: "When markets start to have these tectonic shifts, which has been happening a little bit, we've seen gyration toward the negative here, people tend to get really focused on 'this is the catalyst,' right, 'this is the moment things broke,' are they going to top tech or they're going to bottom tick or they're going to figure out the thing that cracked it. You can't, it's always a conglomeration of things because the truth is they're 30 or 40 different things creating momentum out there and different groups are reaching their breach point where their confidence is unsustainable and different things will breach the confidence in different groups, right? So some groups are real Fed watchers, and they're really worried about Fed doveish versus hawkish. Some groups are going to be really worried about fiscal stimulus, and they're going to be all over how much gets spent and how fast, and infrastructure and budget plans. Some groups are really trying to figure out how sustainable earnings growth has been, right? Other groups are really trying to figure out, 'hey, what happens to the dollar, what goes on in global financial markets' if there's a shuffling of risk, right? And they're really going to be focused on the spreads, and credit spreads, and the dollar. So what's unusual, I think, is when they start to occur together, because then you start to get different constituencies hitting their respective inflection points around the same time. And that's what can move an updraft into a brief plateau and then a downdraft. The only thing that I am interested in is we saw the updraft begin to plateau already. So this may not be the downdraft, but you're more set up into a situation where that can occur if you've had a long updraft that looked a little long in the tooth, it flattened out. And then you start to have a whole bunch of catalytic moments that could trigger different groups to start to decline in their risk appetite."
- Embargoed: 12th October 2021 21:09
- Keywords: COVID-19 Delta variant Dow Jones Nasdaq S&P 500 Wall Street coronavirus equities index indices markets shares stocks trading vaccine
- Location: NEW YORK, NEW YORK, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002EWMY3IF
- Aspect Ratio: 16:9
- Story Text: Wall Street stocks ended sharply lower on Tuesday (September 28) in a broad sell-off driven by rising U.S. Treasury yields, deepening concerns over persistent inflation, and contentious debt ceiling negotiations in Washington.
All three major U.S. stock indexes slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks weighing heaviest as investors lost their risk appetite.
Unofficially, the Dow Jones Industrial Average fell 565.16 points, or 1.62%, to 34,304.21, the S&P 500 lost 90.34 points, or 2.03%, to 4,352.77 and the Nasdaq Composite dropped 420.41 points, or 2.81%, to 14,549.56.
(Production: Hyeongmi Kim, Aleksandra Michalska, Chris Dignam)
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