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Fed & yields

Tech Stocks Lead Market Plunge as Rate Cut Hopes Fade

Gold Price Drops Below $3,350 on Strong U.S. Jobs Report
Gold Price Drops Below $3,350 on Strong U.S. Jobs Report

US stocks tumbled Monday, with tech leading the decline as the Nasdaq fell 1.6% and the S&P 500 dropped 0.8%. Markets reacted to diminishing hopes for interest rate cuts after strong December jobs data, with traders now expecting no cuts until September 2025. The 10-year Treasury yield reached a 14-month high near 4.8%, while the dollar surged to a two-year peak against major currencies. Adding to market pressures, oil prices climbed to five-month highs following new US sanctions on Russian crude, while the “Magnificent Seven” tech giants, including Nvidia, Apple, and Tesla, all lost ground. Investors are now closely watching Wednesday’s Consumer Price Index report for further clues about the Federal Reserve’s potential policy moves.

Eight more from the desk

Other dispatches from the bullion wire.

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