A jittery week ended with losses in stocks as investors weighed geopolitical and trade developments, chipmakers sank while a $6.5 trillion options expiration spurred a surge in volume. Treasuries bounced as Federal Reserve Governor Christopher Waller said rates could drop as early as July.
Not even signs President Donald Trump is giving a chance to diplomacy in de-escalating the war between Israel and Iran were able to soothe nerves. A closely watched gauge of chipmakers slid almost 1% on a Wall Street Journal report the US may revoke waivers for allies with semiconductor plants in China. Yields on two-year notes — most sensitive to Fed policy — slipped to 3.9%.
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