Dow slips back below 31000 during European session. DAX 40 plunges to top of key support zone around 12600. Investors remain on edge ahead of pivotal FOMC meeting.
Equity benchmarks globally remain under pressure as rising interest rates and global growth concerns weigh on risk appetite. Market participants are looking to tomorrow’s FOMC meeting as a potential catalyst for a major market move, with the potential for a 100 basis point hike still on the table.
Global growth prospects have come under renewed focus lately, as traders digest the potential impacts of aggressive central bank tightening. Rates have marched higher across the globe as market participants constantly reassess the path of central bank policy. The 10-year Treasury yield traded through 3.59% on Tuesday, the highest level since 2011.
Data in the US continues to be mixed, making it more challenging to forecast potential impacts on Fed policy. Despite a plethora of disappointing housing market data lately, Tuesday morning showed an unexpected jump in housing starts in August. The challenging macro environment has yet to force traders to reassess future corporate earnings, which may explain why the bottom has yet to fall out in equity markets. Prior to the opening bell in New York, Ford shares tumbled 9% after revealing that continued supply chain challenges would cost the company another $1 billion in the third quarter.The Dow has been under pressure following last week’s hot CPI print.
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