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Weekly Market Update: September 9, 2024
09/09/24
2 to 10 Year Yield Slope Turns Positive in a Volatile Week for Markets
The S&P 500 fell -4% last week, its worst week since the regional banking failures in March 2023. Tech, and specifically semiconductors, led the declines. Bond yields also fell meaningfully, leading to a positively sloped 2 year-10 year yield spread after the longest period of inversion on record. Additionally, job market data disappointed, but the size of the miss was likely too small to force a 50-basis point rate cut at the September FOMC meeting.
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This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.