investingLive Americas market news wrap: US stock markets battered, yields rise

The US stock markets faced their worst day of the year thus far, with the S&P 500 dropping 2.1% and the Nasdaq declining by 2.5%. There was significant selling across equities, bonds, and bitcoin, marking a tough cross-asset day. In contrast, gold acted as a safe haven, climbing 1.7% to reach a record price of $4780, while year-to-date, it has seen a 9% rise. Attention now shifts to Trump's press conference in Davos, where he focused on his achievements, though his comments regarding the Supreme Court ruling remained ambiguous. Meanwhile, in Japan, 30-year yields surged by 25bps, posing a substantial concern for investors. Notably, despite a typically risk-off day, the yen has underperformed, indicating underlying weakness as capital moves into Swiss francs and gold. Carney from Canada delivered a significant speech highlighting the breakdown of global order, urging middle powers to cooperate in facing a future that may be economically poorer. This broader context suggests ongoing volatility in the markets amidst these new economic realities.