S&P 500 Rally Hits a Wall at End of Banner Quarter: Markets Wrap
- US debate fallout spurs prison, oil stocks; renewables lag
- Long-term Treasuries underperform shorter maturities
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The stock market waned in the final stretch of a solid quarter, with traders keeping a close eye on any news regarding the US presidential race and remaining cautious ahead of Sunday’s elections in France.
Traders are rearranging their positions in the aftermath of the debate between Joe Biden and Donald Trump. Biden’s shaky performance boosted sentiment around Trump’s odds for securing a second term in the White House. Private prisons, oil and health-insurance firms — some of the groups that would potentially win from another Trump presidency — rallied, while renewable energy and pot stocks sank. Treasury curve-steepening also followed the presidential debate.