Wall Street's main indexes fell Thursday after a U.S. Treasury auction sent bond yields higher while investors were already digesting data that showed consumer prices rose more than anticipated in September.
Surging shelter costs pushed consumer prices higher last month while the annual increase in the core figure, excluding volatile food and energy components, was the smallest in two years.
After Thursday's auction "the magnitude of the move higher in rates caused a significant downward dislocation in equities across the board," James added. The rise in yields particularly pressured rate-sensitive sectors such as utilities and real estate, often viewed as bond proxies. Traders now expect a stronger chance the Fed will end up delivering another interest-rate hike this year, and keep rates higher for longer next year.
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