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Markets around the globe prepared for a wave of central bank decisions, with traders weighing the potential impacts of less generous monetary settings amid coronavirus challenges and lofty equity valuations.

The S&P 500 dropped from a record, while the technology-heavy Nasdaq 100 underperformed major stock benchmarks. A gauge of megacap companies slumped, with electric-vehicle maker Tesla down about 4.5%. Apple fell after the iPhone maker approached a $3 trillion market value. Travel shares such as airlines, cruise operators and hotels sank. Bonds and the dollar climbed. A selloff in Bitcoin pushed the world’s largest cryptocurrency closer to a key technical level.

About 20 central banks are due to hold meetings this week, with the Federal Reserve seen winding down bond purchases and signaling an interest-rate liftoff in 2022 — heralding a historic pivot to counter the fastest inflation since the 1980s. The European Central Bank, the Bank of England and the Bank of Japan are also set to announce their monetary policy decisions.

The ghost of the tech bubble could soon come back to haunt investors as hefty valuations may be threatened by the likely tightening of monetary policy. The S&P 500’s long-term price-to-earnings ratio — which compares the current price with the 10-year average real earnings per share — has reached 37, a level last seen in 2000.

“Valuations are extremely high on almost any metric,” Deutsche Bank strategists said in a note.

Inflation expectations among U.S. consumers rose to a new high of 6% for the coming year, according to the latest consumer survey of the Federal Reserve Bank of New York. The study showed that Americans foresee faster price increases for items like rent and food, which take up a big chunk of household spending and can’t easily be substituted.

Some of the main moves in markets:

Stocks

–The S&P 500 fell 0.5% as of 3:15 p.m. New York time

–The Nasdaq 100 fell 0.8%

–The Dow Jones Industrial Average fell 0.6%

–The MSCI World index fell 0.5%

Currencies

–The Bloomberg Dollar Spot Index rose 0.3%

–The euro fell 0.2% to $1.1290

–The British pound fell 0.4% to $1.3220

–The Japanese yen was little changed at 113.54 per dollar

Bonds

–The yield on 10-year Treasuries declined six basis points to 1.42%

–Germany’s 10-year yield declined four basis points to -0.38%

–Britain’s 10-year yield declined four basis points to 0.70%

Commodities

–West Texas Intermediate crude fell 0.4% to $71.38 a barrel

–Gold futures rose 0.2% to $1,788.60 an ounce

Published : December 14, 2021

By : Bloomberg