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Stocks Get Hit as War Jitters Fuel Rush to Bonds
News April 12, 2024 at 02:50 PM
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What You Need To Know
- The S&P 500 was on pace for its worst day since January, Treasuries climbed, and the VIX spiked to levels last seen in October.
- JPMorgan Chase & Co. and Wells Fargo & Co. both reported net interest income — the earnings they generate from lending — that missed estimates amid increasing funding costs.
- Bond markets are now pricing two rate cuts by the end of the year, compared with six just three months ago, yet both the S&P 500 and the Nasdaq 100 are still hovering near record highs.
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