Stock market today: Wall Street drops again in what could be its worst week since March

NEW YORK — Wall Street is limping toward the close of what could be its worst week since March. The S&P 500 fell 0.6% in the early going Friday and is on track for a third straight losing week. The Dow fell 107 points and the Nasdaq composite was off 1%. A swift rise in bond yields has forced investors to reassess whether stocks have grown too expensive, particularly after their prices ripped higher through the first seven months of this year. After topping 4.

The technology sector, which had been leading the way so far in 2023, is now mired in a slump. A handful of companies including Meta, Apple, Microsoft and Nvidia, part of the so-called “Magnificent Seven” have entered correction territory, falling 10% or more from recent highs. They all down slid between 1% and 2% early Friday.

If it reaches 4.34%, it will be the highest since 2007, according to Tradeweb. That was before the financial crisis and Great Recession caused yields to collapse to record lows. Yields have been on the rise as more reports show the U.S. economy remains remarkably resilient. On the upside for markets, the data mean the economy has been able to avoid a long-predicted recession. But on the downside, it could also keep upward pressure on inflation. That would give the Federal Reserve reason to keep interest rates higher for longer.

Japan's Nikkei 225 slipped 0.6% to finish at 31,450.76. Australia's S&P/ASX 200 was virtually unchanged, inching up less than 0.1% to 7,148.10. South Korea's Kospi shed 0.6% to 2,504.50. Hong Kong's Hang Seng dropped 2.1% to 17,950.85, while the Shanghai Composite edged down 1.0% to 3,131.95. Evergrande Groupe, the giant Chinese real estate developer, says it is asking a U.S. court to approve a restructuring plan for foreign bondholders and denied news reports suggesting it filed for bankruptcy. Evergrande Groupe’s $340 billion in debt prompted fears in 2021 of a possible default that might send shockwaves through the global financial system.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Stock market today: Wall Street rises in early trading, though bond yields remain highNEW YORK (AP) — Stocks are opening slightly higher on Wall Street following some encouraging profit reports from big companies. The S&P 500 was up 0.3% early Thursday, trimming its slump for August.
La source: SooToday - 🏆 8. / 85 Lire la suite »

Stock market today: Wall Street slumps again as higher bond yields keep bitingNEW YORK (AP) — Wall Street fell for a third straight day as rising yields in the bond market keep cranking up the pressure. The S&P 500 lost 0.8% Thursday, with August on track to be its worst month of the year by far.
La source: SooToday - 🏆 8. / 85 Lire la suite »

Stock market today: Global shares decline after Wall Street drops on higher bond yieldsTOKYO (AP) — Global shares mostly slipped Friday as rising yields in the bond market on Wall Street set off expectations that high interest rates would continue in the U.S. France's CAC 40 declined 0.9% in early trading to 7,126.02. Germany's DAX dipped 0.8% to 15,553.22. Britain's FTSE 100 shed 0.8% to 7,255.18. U.S. shares were set to drift lower with Dow futures down 0.1% at 34,503.00. S&P 500 futures fell nearly 0.1% to 4,381.75. Japan’s inflation data showed consumer prices rose 3.1% from a
La source: YahooFinanceCA - 🏆 47. / 63 Lire la suite »

Stock market today: Wall Street points lower again, heading for fourth straight lossWall Street declined early Friday, threatening a fourth straight day of losses as higher bond yields put pressure on stocks and raised expectations that interest rates would remain elevated.
La source: CTVNews - 🏆 1. / 99 Lire la suite »

Stock futures edge up as yields stay near recent highs: Stock market news todayWall Street looked to rebound from two straight down sessions.
La source: YahooFinanceCA - 🏆 47. / 63 Lire la suite »