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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