Wall Street subdued on lingering concerns over elevated rates

NEW YORK, Sept 25 — Major US stock indexes were lacklustre today as worries over prolonged higher interest rates kept the 10-year Treasury yield buoyant, while investors awaited...

NEW YORK, Sept 25 — Major US stock indexes were lacklustre today as worries over prolonged higher interest rates kept the 10-year Treasury yield buoyant, while investors awaited economic data and Federal Reserve policymakers’ remarks throughout the week.

Alphabet, Microsoft, Tesla and Meta Platforms remained under pressure on Monday, losing between 0.2 and 0.7 per cent. “Now we’re in a time where the lag is here and if so, its going to have its effect now, which is when you start to really watch those indicators,” said Thomas Martin, senior portfolio manager at GLOBALT Investments.

Meanwhile, Chicago Fed president Austan Goolsbee in an interview on CNBC stressed on the need to brining inflation back to the 2 per cent target, after some Fed policymakers last week warned of further hikes. Footwear maker Nike and sportswear retailer Foot Locker lost 0.4 per cent and 4.0 per cent, respectively, after Jefferies downgraded both the stocks to “hold” from “buy”.

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