Today often kicks off the Santa Claus rally. Stocks rose and volatility is down sharply from recent peaks, but yields keep rising, which has hurt the non-tech part of the market.
U.S. stocks retreated as the Fed indicated it likely would lower rates only twice in 2025. The Dow dropped more than 1,000 points, and the S&P slid almost 3%. The Nasdaq lost 3.6%.
Stocks and yields made slight early gains but attention is mainly on today's U.S. election. ISM Services data and a 10-year note auction lie ahead, and bond volatility is high.
