Stocks Fall, Yen Eyes Best Day In 2 Months, Bitcoin Rebounds Above $96,000: What's Driving Markets Wednesday?

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Stocks Fall, Yen Eyes Best Day In 2 Months, Bitcoin Rebounds Above $96,000: What's Driving Markets Wednesday? - Benzinga

Quick Summary:

Treasury yields fell significantly as fresh economic data failed to stoke concerns about an imminent change in the Federal Reserve's interest rate path.The U.S.economy expanded at an annualized 2.8% in the third quarter, according to a second estimate that matched earlier print.

This triggered a wave of “risk-off” sentiment, pressuring major indices.The S&P 500 dipped 0.5% by midday, on track to snap a seven-day winning streak, while small caps in the Russell 2000 remained relatively steady.

Global markets faced turbulence by midday Wednesday as an unwinding of yen-dollar carry trades drove sharp losses in U.S.equities, with the tech-heavy Nasdaq 100 falling 1.2% in intraday trading.