Dear readers,
As bond yields climb and chip stocks underperform, the stock market is experiencing significant shifts. The equity risk premium is sounding alarm bells for some traders, with the realization that higher rates aren't likely to fall dramatically in the near future. This has led to businesses moving ahead with deals despite the higher debt costs associated with those transactions. Chip stocks, particularly the PHLX Semiconductor Index and Nvidia, are currently underperforming, signaling a shift in the market. On the other hand, United Airlines shares rose more than 15% after presenting a rosy outlook to analysts and investors.
These developments have impacted major indices, with the S&P 500 down 0.6%, the Dow dropping 46 points, or 0.1%, and the Nasdaq declining 1.2%.
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