Global Markets Slide as Stocks Drop and Dollar Rallies on Rate Outlook Jitters

Wall Street slips from its all-time high as the S&P 500 and Dow Jones fall, with Morgan Stanley and PNC Financial Services Group reporting weaker results. Analysts expect meager profit growth for S&P 500 companies in Q4 2023, but optimism is higher for 2024. Treasury yields have sunk on expectations for upcoming rate cuts, and Boeing faces troubles with its 737 Max 9 aircraft. Stock markets abroad are also mostly lower, with Japan's Nikkei 225 slipping due to a stronger yen.