meanwhile that the yield on 10-year US Treasuries rose to a nearly one-month high near 3%. Shares of Amazon.com, Apple and Microsoft fell, putting pressure on the S&P 500.
Investors have been weighing the Federal Reserve’s aggressiveness in raising interest rates to fight inflation.
President of the Richmond Federal Reserve, Thomas Barkin said on Friday that central bank officials have “a lot of time yet” before they have to decide the size of the rate hike they will approve at their September 20-21 monetary policy meeting.
The monthly expiry of Friday options it should also give way to bigger short-term stock moves as option positions expire, said Brent Kochuba, founder of financial information company SpotGamma.
the fed it needs to keep raising borrowing costs to rein in runaway inflation, a number of central bank officials said on Thursday, even as they debated how fast and how high to raise them.
The Federal Reserve has raised its benchmark overnight rate by 225 basis points since March to fight inflation, which is at the highest level in four decades.
European bags
In the meantime, European stocks fell on Friday and German government bond yields hit multi-week highs after German producer prices posted their biggest rise yet.
The pan-European STOXX 600 index fell 0.17% to 440.04 points.
UK consumer confidence hit its lowest since at least 1974 in August, with a sense of exasperation over rising costs of living.
Asian Bags
The Chinese stocks closed lower on concerns over rising COVID-19 cases and slow economic recovery, while real estate developers shone during the week due to the expectations that the authorities will support the beleaguered sector. The benchmark market index fell 0.69%to 4,151.07 points, while the Shanghai Composite lost 0.59%at 3,258.07 units. In Japan the Nikkei fell 0.04%at 28,930.33
Source: Ambito
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