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US Stocks Snap a Four-Day Drop; Bonds Hold Losses: Markets Wrap

  • Sudden move by Bank of Japan reverberated across markets
  • FedEx and Nike reported earnings after markets closed
Bloomberg business news
WATCHL BOJ Haruhiko Kuroda shocked markets by adjusting the central bank’s yield curve control program and sparking a sharp jump in the yen.Source: Bloomberg
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US stocks oscillated between gains and losses throughout a volatile session on Tuesday, with technology shares still under pressure after last week’s hawkish central bank turn. Treasuries slumped, with the global bond market digesting the Bank of Japan’s sudden increase in its yield trading band.

The S&P 500 ended the session with a modest gain, snapping a four-day losing streak. The tech-heavy Nasdaq 100 fell for the fifth day, its longest stretch of declines since October, as investors continue to digest the threat of higher interest rates well into 2023. With few macro catalysts before the end of the year, swings are liable to pick up, as stocks witnessed on Tuesday.