A person stops to look at an electronic stock board showing Japan's Nikkei index at a securities firm Friday, July 12, 2024, in Tokyo. The U.S. dollar lost 2.1% against the yen overnight and traded as low as 157.43 yen, fueling speculation that Japanese authorities may have intervened to amplify the impact of the milder U.S. inflation data. It regained some of its losses on Friday, rising to 159.19 yen from 158.80 yen.Hong Kong’s Hang Seng index climbed 2.4% to 18,260.
The drops for Big Tech stocks also pulled the Nasdaq composite down 2% from its own record. The drops broke seven-day winning streaks for both the S&P 500 and Nasdaq composite. The Dow Jones Industrial Average, which has less of an emphasis on tech, rose 32 points, or 0.1%. The day’s action was even stronger in the bond market, where yields tumbled as traders built bets for theits main interest rate. It’s been sitting for nearly a year at its highest level in more than two decades.
Following the report’s release, Treasury yields tumbled immediately. The yield on the 10-year Treasury dropped to 4.20% from 4.28% late Wednesday and from 4.70% in April. That’s a major move for the bond market and provides a big lift for stock prices.
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