Shares of power producers fell as some Treasury yields rose in the wake of a surprisingly strong jobs report.
In recent speeches, Federal Reserve Chairman Jerome Powell has hinted the central bank is preparing for a moderation in inflation and economic growth, weighing on Treasury yields, said one strategist.
"The market has previously roared higher" on the sentiment that "'if things get really bad of course he'll stop...' That's what the market does, just that -- it extrapolates," said Quincy Krosby, chief global strategist at brokerage LPL Financial.
On Friday, Treasury and equity markets were extrapolating a prolonged period of aggressive rate policy because of the robust jobs data.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-02-22 1741ET
