S&P Flat as Tech Gives Up Some Gains, Financials Slip By Investing.com – Investing.com

SourceInvesting.com
SectorFinancial Markets
CountryGulf

© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 fell slightly Wednesday as tech lost some of its gains, while financials were dragged lower by falling rates as investors appear to be buying into the Federal Reserve’s view that inflation is transitory ahead of Thursday’s consumer price report.

The fell 0.2%, the was down 0.4%, or 152 points, and the was down 0.1%.

Easing worries that runaway inflation is on the horizon prompted investors to scale back their bearish bets on Treasuries, forcing yields, which trade inversely to price, to move to levels not seen in a month.

The short-covering in Treasuries comes just a day ahead of the consumer inflation data, with economists expecting headline inflation at the fastest pace since 2008. But the sluggish action in bond yields suggests the market is betting that the Federal Reserve’s inflation narrative could be the right call.

” [T]he bond market is signaling this [inflation] is all very transitory and has been quite...read more...