Markets were mixed on Tuesday.
In the US, the S&P 500 rose 0.2 percent but the Nasdaq Composite fell 0.5 percent.
Elsewhere, the Shanghai Composite rose 0.2 percent but the STOXX Europe 600 fell 1.3 percent.
Angelo Kourkafas, investment strategist at Edward Jones, noted “a little pressure on tech stocks as long-term government bond yields have rallied for the second day now”.
Aptus Capital Advisors portfolio manager John Luke Tyner said in a note: “With a Powell-led Fed, we expect the speed of the QE taper to follow the data, likely speeding up if inflation prints continue at the pace of the October print with interest rate hikes to shortly follow the taper (June at current pace).”
However, for the global supply chain problems that have been blamed for driving up inflation, Esben Poulsson, who chairs the International Chamber of Shipping, told CNBC that “overall, I think the worst is over”.
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