Stocks Suffer Late-Day Swoon as Traders Shun Risk: Markets Wrap
- Fed’s peak rates seen dashing investor hopes for 2023 cuts
- BofA says don’t bet on a rise in equities after last Fed hike
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Stock traders took risk off the table at the end of a week that saw recession fears resurface and a hotter-than-estimated inflation print with the Federal Reserve decision just around the corner.
A late-day slide in equities shattered the calm that prevailed throughout most of the trading session, with the S&P 500 closing near Friday’s lows. The Dow Jones Industrial Average notched its worst weekly drop since September. Treasury 10-year yields climbed, approaching 3.6%.