Yen Weakens Past Key 155 Level, Increasing Intervention Risk – US Market Wrap

A $250 billion exchange-traded fund tracking the Nasdaq 100 was hit in the late hours after Meta Platforms fell on a disappointing revenue forecast.

Equities struggled to gain traction in the run-up to the social media giant’s results as traders positioned for economic data that will help shape public perceptions of the Federal Reserve’s next moves. Treasuries remained under pressure after a $70 billion sale of notes failed to alleviate fears of further losses.

For weeks, traders have been reducing their bets on how many rate cuts the Fed will make in the face of strong US data. Economists predict that gross domestic product will fall to around 2.5% in the first quarter, implying that inflationary pressures will remain high.

The S&P 500 closed slightly higher than 5,070. Treasury 10-year yields increased four basis points to 4.64%. The yen fell above 155 per dollar, causing intervention concerns.