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By Staff Reporters
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Turkey’s lira plunged 7% to a record low yesterday in its biggest selloff since a historic 2021 crash, a move traders said is a “strong signal” that Ankara is moving away from state controls toward a freely traded currency. The currency has come under increasing pressure since President Tayyip Erdogan was re-elected on May 28. It was trading at 23.18 against the dollar at 1500 GMT, after touching a record low of 23.19, bringing its losses this year to around 20%.
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Treasury Secretary Janet Yellen, in her first interview since the U.S. debt-ceiling was lifted last week by Congress, warned on Wednesday about the potential for banks to feel strain from their exposure to weakening commercial real estate valuations. Yellen was asked by CNBC “Squawk Box” host Andrew Ross Sorkin about if she’s worried about the state of estimated $20.7 trillion commercial real-estate market, particularly the office, and if weakness in the sector could potentially spark more bank failures.
“Well, I do think that there will be issues with respect to commercial real estate,” Yellen said. “Certainly, the demand for office space since we’ve seen such a big change in attitudes and behavior toward remote work has changed and especially in an environment of higher interest rates.”
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The equities market diverged today between a small handful of strong-performing mega-cap companies, which delivered most of the gains recently in the big benchmark indexes, and the lagging majority. Such concentration suggests a weakness below the headline numbers that could become a problem down the line.
Here is where the major benchmarks ended today:
- The S&P 500® Index (SPX) was down 16.33 points (0.4%) at 4267.52; the Dow Jones Industrial Average (DJIA) was up 91.74 (0.3%) at 33,665.02; the NASDAQ Composite (COMPX) was down 171.52 (1.3%) at 13,104.90.
- The 10-year Treasury note yield (TNX) was up about 9 basis points at 3.791%.
- CBOEs Volatility Index (VIX) was down 0.04 at 13.92.
Smaller financial companies were also in the spotlight again, with the KBW Regional Banking Index (KRX) continuing its rebound with a nearly 4% jump. Energy stocks were also strong as crude oil futures climbed more than 1%, and transportation companies also gained. Communication Services led decliners among S&P 500 sectors.
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Filed under: "Ask-an-Advisor", Alternative Investments, Financial Planning, Investing | Tagged: CBOEX, commercial real estate, DJIA, DOW, gold, Janet Yellen, KBW, markets diverge, NASDAQ, oil, real estate, S&P 500, turkey lira, turkey lirga plunge, Yellen Speaks | Leave a comment »
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