Wall Street dials back Fed-cut bets on solid data
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Solid US retail sales in September exceeded forecasts, leading traders to reduce bets on Federal Reserve rate cuts this year; Treasury yields rose, with 10-year yields advancing seven basis points to 4.09%; S&P 500 and Nasdaq 100 remained little changed, while Dow Jones increased by 0.4%; Netflix Inc. saw a rise in subscribers; Travelers Cos. reported a profit tripling to $1.3 billion; Elevance Health Inc. fell 11% after cutting its annual outlook; Matthew Weller from Forex.com noted a narrow path for a Fed pause in November; Ellen Zentner from Morgan Stanley highlighted undeniable economic strength; Citigroup’s Economic Surprise Index reached its highest since April; systematic funds are reducing equity exposure amid rising volatility ahead of the US Presidential Election.

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