Major regional markets dropped more than 2% in early trading Monday, while U.S. futures slipped more than 1%.
Shares sank in Asia on Monday after a report that U.S. inflation worsened last month sent stocks reeling on Wall Street.
Major regional markets dropped more than 2% in early trading Monday, while U.S. futures slipped more than 1% ES00 YM00 NQ00 . On Friday, the S&P 500 sank 2.9%, locking in its ninth losing week in the last 10. Tokyo’s Nikkei 225 index NIK lost 2.6% and the Hang Seng HSI in Hong Kong gave up 2.7%. In South Korea, the Kospi 180721 declined 2.8%, while the Shanghai Composite index SHCOMP dropped 0.8%. Benchmark indexes in Singapore STI , Taiwan Y9999 and Indonesia JAKIDX also declined.On Friday, the S&P 500 SPX sank 2.9% to lock in its ninth losing week in the last 10, and tumbling bond prices sent Treasury yields to their highest levels in years. The Dow Jones Industrial Average DJIA lost 2.
Since early in the pandemic, record-low interest rates engineered by the Fed and other central banks have helped keep investment prices high. Now the “easy mode” for investors is being switched off. Since higher interest rates make borrowing more expensive, dragging on spending and investments by households and companies, there also is a risk the Fed could push the economy into a recession.
On Saturday, the national average for a gallon of regular gas surpassed $5, by a fraction of a penny, according to the AAA auto club. The 10-year yield was also up, but not quite as dramatically as the two-year yield. It rose to 3.19% as of early Monday, up from 3.15% Friday and 3.04% on Thursday. That’s its highest level since 2018.
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