US blue-chip index has been tugged lower by worries over rates, geopolitics and mediocre earnings
The S&P 500 stock index has fallen more than 10 per cent from the high point it touched earlier this year, meeting the popular definition of a market “correction” as investors fret about interest rates, geopolitical risks and mediocre third-quarter company results. Wall Street’s blue-chip equities benchmark dipped 0.5 per cent on Friday, pushing it just over the correction threshold compared with its 2023 peak on the final day of July.
That has driven up yields on US government bonds, with the benchmark 10-year yield touching a 16-year high at the start of this week. Higher rates reduce the relative value that investors are willing to place on stocks, particularly those that are valued primarily on the promise of profits far in the future. “A bird in the hand is worth something now,” Schroders chief investment officer Johanna Kyrklund told reporters earlier this week.
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