Japan’s benchmark Nikkei 225 JP:NIK dropped 1.2% in morning trading. Australia’s S&P/ASX 200 AU:XJO lost 0.4% while South Korea’s Kospi KR:180721 edged down 0.3%. Hong Kong’s Hang Seng HK:HSI slipped 0.1%, while the Shanghai Composite CN:SHCOMP fell 0.1%. Benchmark indexes in Singapore SG:STI and Taiwan TW:Y9999 rose, while stocks slipped in Indonesia ID:JAKIDX.
Monday on Wall Street, the S&P 500 SPX edged up 0.1% to 4,453.53 and the Dow Jones Industrial Average DJIA rose less than 0.1% to 34,624,30. The Nasdaq composite COMP added less than 0.1% to 13,710.24. Traders are betting on a roughly 40% chance the Fed will raise rates again in either November or December, according to data from CME Group.
Worries about a possible recession persist though they have diminished as reports have shown the economy and job market remain resilient. One worrying factor is where bond yields are, with two-year and other shorter-term yields continuing to remain higher than longer-term yields. That’s an unusual occurrence that has often preceded recessions in the past.
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