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Today’s headlines
7:30 a.m.
Stocks, bond extend new year drop
Traders hoping that a year-end rally would pick up where it left off got the opposite on 2024’s first trading day, a session that featured one of the worst-ever concerted drops in stocks and bonds to start a year.
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While the first-day performance says little about what markets will do for the rest of 2024, the synchronized retreat signalled at least some hesitation among investors to chase a fourth-quarter rally that boosted both U.S. shares and longer-maturity Treasuries by more than 10 per cent.
This morning U.S. bonds and stock futures extended their drop as traders braced for a swathe of data that could show whether bets on interest-rate cuts this year are justified.
Ten-year Treasury yields rose to 3.97 per cent and S&P 500 futures slid 0.4 per cent. The dollar strengthened for a fourth day, the longest run since November. Nvidia Corp. slid in U.S. premarket trading as investors continued their retreat from tech stocks.
Bloomberg
Stock markets before the opening bell
What to watch today
Investors will watching for the release of minutes of the Federal Reserve’s last policy meeting later in the day, hoping for signs the central bank will move ahead with interest rate cuts in coming months.
Additional reporting by The Canadian Press, Associated Press and Bloomberg
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