Wall Street is deep in the red again. Fed plans, Ukraine, earnings season and — of course — inflation have driven the Dow down 1,000 points
It's shaping up to be the worst day for the market since October 2020 when rising Covid infections, the impending election and questions over additional government stimulus weighed on stocks.The Dow fell more than 1,000 points at its weakest. As of the early afternoon it was trading down some 800 points, or 2.4%.The S&P 500 , the broadest measure of the US equity market, fell 2.9% and is on track to end the day in correction territory — a 10% drop from its most recent peak.
But for the next meeting, which isn't until March, expectations of a quarter-percentage-point rate hike are above 80%.Expectations are only part of the game. The Fed could also conclude that inflation has run too hot at the end of 2021 and crank up rates more — or sooner.Treasury yields, which track interest rate expectations, were off last week's highs Monday. The 10-year bond yielded 1.72% in the early afternoon after climbing past 1.
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