Stock market today: Asian shares mostly decline after Wall Street drops on higher bond yields

Also on investors’ minds is what appears to be China’s shaky recovery from the negative economic effects of the coronavirus pandemic.

The Dow Jones Industrial Average dropped 290.91 points, or 0.8%, to 34,474.83, and the Nasdaq composite fell 157.70, or 1.2%, to 13,316.93. The 10-year Treasury, which is the centerpiece of the bond market, is now yielding 4.28% after touching its highest level since October. Higher yields also mean borrowers have to pay more to get cash, which can crimp corporate profits and cause unforeseen things to break in the system, like the three high-profile U.S. bank failures that shook markets this spring.The average rate on a 30-year mortgage hit its highest level this week in more than 20 years.

Other strong economic data recently, including a report showing an acceleration in sales growth at U.S. retailers, mean the Fed could hike interest rates again at some point, he said. Hopes had been rising on Wall Street that the Fed could be done after it raised its main rate last month to the highest level in more than two decades.

A stronger economy would burn more fuel, and oil prices rose Thursday to recover some of their slide from earlier in the week. That helped propel stocks of energy producers to some of the rare gains within the S&P 500. Exxon Mobil rose 1.9% and ConocoPhillips gained 1.8%.

France Dernières Nouvelles, France 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 highStocks are opening slightly higher on Wall Street following some encouraging profit reports from big companies.
La source: ksatnews - 🏆 442. / 53 Lire la suite »

Applied Materials earnings, outlook top Wall Street expectations, and stock risesApplied Materials' stock rose after hours Thursday as both earnings and outlook for the maker of semiconductor-manufacturing equipment topped Wall Street...
La source: MarketWatch - 🏆 3. / 97 Lire la suite »

Wall Street's official stock market outlook — The latest CNBC Market Strategist SurveyWhere do the sharpest minds on Wall Street believe the market is headed? The CNBC PRO exclusive Market Strategist Survey is a roundup of year-end targets for the S&P 500.
La source: CNBC - 🏆 12. / 72 Lire la suite »

Asian Stock Market: Trades lower, investors worry about US rate hike, China’s economic woesAsian stock markets trade lower on Friday. A stronger-than-expected US unemployment claims on Thursday indicated a robust labor market, which triggere
La source: FXStreetNews - 🏆 14. / 72 Lire la suite »