Stock Rally Stalls as Waller Remarks Boost Bonds: Markets Wrap
- Fed’s Waller says rate cuts are possible in first half of 2025
- Bessent says US barreling to crisis if tax cuts not extended
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Stocks struggled to make headway after a solid rally, while bond yields dropped on dovish remarks from Federal Reserve Governor Christopher Waller.
Wall Street also kept a close eye on comments from Treasury secretary nominee Scott Bessent, who said the US faces an economic crisis if the 2017 Republican tax cuts aren’t extended. Equities edged lower, following an almost 2% jump in the S&P 500. While most companies rose, a slide in tech megacaps dragged down the market. Not even solid earnings from Morgan Stanley and Bank of America Corp. buoyed benchmarks.