For its part, all 11 major S&P sectors were lower in early trading, with a fall of 1.6% and 2.1% of the real estate and raw materials sectorsrespectively.
The benchmark 10-year US Treasury yield hit 3.58%, its highest level since April 2011, while the closely watched yield curve between 2-year and 10-year bonds inverted further.
An inversion in this part of the yield curve is considered a reliable indicator that a recession is coming in a year or two.
The US central bank is expected to raise rates for the third consecutive time by 75 basis points on Wednesday, and markets are also pricing in a 19% chance of a 100 basis point hike and expect the terminal rate to stand at 4.49% in March 2023. * The S&P 500 is trading below 3,900 points, a level considered by technical analysts as strong support for the index.
In the wheel, Ford Motor Co shares fall 9.5% after the automaker said inflation-related supplier costs will be about $1 billion higher than forecast in the current quarter and that it sees 40,000-45,000 vehicles in inventory due to missing parts, delay sales.
Source: Ambito
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