S&P 500 Rally Hits a Wall as Treasury Yields Spike: Markets Wrap
- Citi sees post-election stock gains stalling on profit taking
- Dollar at two-year high as Wall Street piles into bullish bets
This article is for subscribers only.
A breakneck rally in stocks ran out of steam, with Treasury yields soaring and the dollar hitting the highest level in two years ahead of a key inflation report.
Equities edged lower after the S&P 500’s biggest five-day run in a year. Following sizable post-election gains, small caps and banks lost ground. Tesla Inc. dropped after an almost 45% surge. Bitcoin approached $90,000 as traders bet on a boom under President-elect Donald Trump. The dollar rose to its highest since November 2022. Treasury yields climbed, with data expected to show the uneven path of easing price pressures in the home stretch toward the Federal Reserve’s target.