A rousing Friday rally salvaged the week for tech investors but couldn’t undo damage done to the broader market by increasingly dour signals on the economy, many of them originating from bonds.
The 2023 surge in the S&P 500, spurred by speculation inflation is cooling, started showing cracks in the four-day week as focus shifted to prospects of an economic contraction. Anxiety that the Federal Reserve’s campaign of rate hikes has gone too far loom ever larger in the Treasury market, whose three-month trouncing of riskier assets reflects stiffening bets on a slowdown.
