Stock market today: Asia stocks are mostly lower after Wall St rebound led by Big TechApple was the strongest force pushing the market upward, and it climbed 4.3% to trim its loss for the year so far. Nvidia was close behind, as it keeps riding a frenzy around artificial-intelligence technology. The chip company rose 4.1% to take its gain for the year to 83%.It’s a return to last year’s form, when a handful of Big Tech stocks was responsible for the majority of the market’s gains.
In the bond market, which has been driving much of Wall Street’s action, Treasury yields held relatively steady following athat traders are craving has been one of the main questions dominating Wall Street. After coming into the year forecastinghas raised fears that last year’s progress on inflation has stalled. Many traders are now expecting just two cuts in 2024, with some discussing the possibility of zero.
A report on Thursday showed inflation at the wholesale level was a touch lower last month than economists expected. That’s encouraging, but the data also showed underlying trends for inflation were closer to forecasts or just above. Those numbers strip out the effects of fuel and some other prices that are notoriously jumpy, and economists say they can give a better idea of where inflation is heading.In the bond market, the yield on the 10-year Treasury rose to 4.57% from 4.55% late Wednesday.
Benchmark U.S. crude added 74 cents to $85.76 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standards, was 62 cents higher at $90.36 a barrel.
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