Stocks fell as Russia poured cold water on reports of progress in Ukraine peace talks, adding to worries about the outlook for economic growth as the Federal Reserve’s most aggressive rate-hike campaign in two decades got underway.The S&P 500 retreated after notching the biggest two-day rally since April 2020 on Fed Chair Jerome Powell’s upbeat economic views. Bonds rebounded, following a steep selloff on Wednesday, when part of the Treasury curve — the gap between five- and 10-year yields — inverted for the first time since the onset of the pandemic. That’s an indicator of bets on future economic growth pain as the inflation-fueling fallout from the war continues. In another volatile session, oil climbed above $100 a barrel.A Kremlin spokesman said a report of major progress in talks with Ukraine was “wrong,” while adding that discussions will continue. U.S. President Joe Biden will speak Friday with China’s leader Xi Jinping. Russia’s Finance Ministry said it has sent payment orders for the interest on its dollar bonds to its correspondent bank. So far, European bondholders of the nation’s sovereign debt have received no sign of the funds, although growing optimism the bonds may be settled is spurring prices higher across maturities.
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