Bond Yields Climb as Stocks Struggle in Fed Run-Up: Markets Wrap
- Ten-year US rates reach highest since 2007 on price concerns
- Brent briefly hits $95 a barrel for first time since November
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Treasury yields rose and stocks fell ahead of the Federal Reserve decision, with traders betting rates will be higher for longer to prevent an inflation flare-up. Brent oil briefly topped $95 a barrel.
US five- and 10-year yields hit the highest levels since 2007. Most major groups in the S&P 500 dropped, but the gauge came well off session lows, led by gains in some megacaps like Apple Inc. and Tesla Inc. Online grocery delivery business Instacart surged 12% in its Nasdaq debut. Walt Disney Co. slid on plans to nearly double its theme-park spending to $60 billion over the next 10 years. The loonie climbed after hot inflation data in Canada.