(Bloomberg) — Stocks struggled to gain traction a day after a tech-led rally as Treasury 10-year yields remained above 4%. Oil climbed.
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Commodity and financial shares led declines in the S&P 500. The megacap space was mixed, with Nvidia Corp. up and Tesla Inc. down. The US Securities and Exchange Commission said it had not yet granted approval of spot-Bitcoin exchange traded funds, despite a post on X that appeared from the regulator’s official account.
A growing mismatch between aggressive pricing for US interest rate cuts and resilient economic fundamentals reducing the need for such easing risks creating a “reverse Goldilocks” scenario for global markets, according Max Kettner at HSBC Holdings Plc. A pullback in easing bets could trigger a selloff in risky assets and more gains for the dollar in the coming months, he told Bloomberg Television.
“We’re likely seeing a ‘head fake’ in the market…
