John Authers, Columnist

Stocks Face Sobering Up After Pivot Party

It pays to take care when markets move as fast as they have. Even when the ground is being laid for rate cuts.

January 25, 2024 at 5:00 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Time for a breather.
Photographer: Bloomberg/Bloomberg

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The US stock market is behaving like a perpetual motion machine. Bond yields rose Wednesday, as they have for most of this year. A fall in yields triggered last year’s stocks rally — now higher rates are allowing the market to go further. The tech-heavy Nasdaq 100 notched gains for the fifth straight day, while the benchmark S&P 500 managed to scale its fourth record in a week.