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US stocks drop ahead of Yellen speech

FXStreet (Mumbai) - The Wall Street is in the red as heightened concerns regarding the global growth slowdown continue to weigh over the market sentiment.

At the time of writing, the S&P 500 was down 21 points, while the Down Jones Industrial Average (DJIA) was down 216 points. The Nasdaq also shed 51 points. Meanwhile, the volatility gauge; the S&P 500 VIX, spiked 6%.

The risk aversion pushed the benchmark 10-year treasury yield in the US lower by 5.5 basis points. The two-year yield, which is more sensitive to the monetary policy, shed 2.7 basis points.

The mixed batch of US data released today was ignored by the investors as they await the Fed chairwoman Yellen’s speech. After the Fed’s dovish turn last week, the markets see the first rate hike happening in March 2016 (as indicated by the CME Fed watch). Markets would be interested to see if Yellen stays dovish today or prefers to talk up 2015 rate hike bets.

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