- Stocks in the United States fell and treasury yields rose after the latest round of economic data did little to dampen expectations for the Federal Reserve's next move.
- The S&P 500 continued its slide, closing at its lowest level since July 18. It finished just above 3,900, a level that has become a battleground for bulls and bears in recent months, acting as a support in mid-may and then briefly halting advances in June and July. Thursday, the tech-heavy Nasdaq 100 underperformed major indexes, with growth-related stocks underperforming. Adobe fell after agreeing to buy software design startup Figma for approximately $20 billion.
- After the latest data painted a mixed picture for the economy, Treasury yields rose across the board, with the policy-sensitive two-year rate rising as much as eight basis points to 3.87%, the highest since 2007.
- Swaps traders are currently pricing in a 75 basis-point increase when the Fed meets next week, with some betting on a full point increase. Bets increased after a strong consumer inflation reading on Tuesday, which also triggered the biggest stock selloff in two years.
