Stocks Trim Big October Rally as Bond Yields Climb: Markets Wrap
- Biden to urge congress to consider tax penalties on oil firms
- Marko Kolanovic says global hiking cycle to end by early 2023
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Stocks pared their monthly surge as bond yields climbed, with investors awaiting Wednesday’s Federal Reserve decision for clues on whether officials will dial back the pace of rate hikes as early as December.
Big tech weighed heavily on the S&P 500, while energy shares whipsawed on news that President Joe Biden will call on Congress to consider tax penalties for producers accruing record profits. Equities may also have come under pressure as pension funds that rebalance on a monthly basis potentially dumped shares amid an 8% rally for the US benchmark gauge in October.