BANGKOK — Shares were mostly lower in Asia on Friday after stocks pulled back from their recent record highs on Wall Street as bond yields fell and investors turned cautious.U.S. futures declined ES00, -0.08% YM00, -0.01% NQ00, -0.09% and the yield on the 10-year Treasury note TMUBMUSD10Y, 1.326% rose to 1.34%. On Thursday it fell to 1.30%, its lowest level since February. It recently was trading at 1.74%.
In both countries, authorities have tightened pandemic precautions to counter fresh outbreaks of the coronavirus. Ramping up relatively loose restrictions, Japanese Prime Minister Yoshihide Suga ordered a state of emergency for Tokyo, to run through the July 23-Aug. 8 Olympics. On Thursday, the S&P 500 SPX, -0.86% fell 0.9% to 4,320.82, weighed down by a broad slide driven mainly in technology, financial, industrial and communication companies. The Dow Jones Industrial Average DJIA, -0.75% lost 0.7% to 34,421.93. The Nasdaq Composite COMP, -0.72% snapped a three-day run of closing highs, sinking 0.7% to 14,559.78.Longer-term bond yields tend to move along with investors’ expectations for inflation and economic growth.
On Thursday, the Labor Department said the number of Americans filing for unemployment benefits rose slightly last week even while the economy and the job market appear to be rebounding from the coronavirus recession.
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