Volatility gripped financial markets, with stock moves magnified by the quarterly expiration of options and futures.
In a session of heavy trading volume, the S&P 500 extended its weekly slide. With the holidays fast approaching, it could have been the last day of 2021 with enough liquidity for investors to trade in and out of large positions. The dollar climbed after Federal Reserve Governor Christopher Waller said rates could rise as early as March, following a decision to end asset purchases sooner than planned. The Treasury curve flattened, with the spread between five and 30-year bonds near Friday’s lows.