Wall Street: 2024 Is The Year Of The Pivot

U.S. and European equity markets have kicked off the new year on the backfoot, with both pulling back slightly on the second trading day of 2024 from 2023 record high closes.  The S&P 500 was down 60 points to 4,714 from its 2023 close at 1130 hrs ET on Wednesday while the Stoxx Europe 600 was also down marginally. Yields on 10-year US bonds and German bunds have also started creeping up, with the U.S. rate quoted at 3.956% as money markets wagered on the Federal Reserve cutting rates by fewer than 150 basis points…