U.S. stocks open mixed after Bank of England intervention

U.S. stock indexes on Wednesday opened mixed, helped by a fall in Treasury yields and a surprise intervention from the Bank of England in the U.K. gilt market, but Wall Street stocks were still in danger of recording a seven-day losing streak.On Tuesday, the Dow Jones Industrial Average DJIA, +0.56% fell 126 points, or 0.43%, to 29135, the S&P 500 SPX, +0.58% declined 8 points, or 0.21%, to 3647, and the Nasdaq Composite COMP, +0.34% gained 27 points, or 0.25%, to 10830.

Bond markets have been leading stocks of late as investors fret that the Federal Reserve’s determination to combat inflation will continue to push borrowing costs higher, damaging the economy and corporate earnings. But news from the Bank of England that it was stepping into buy unlimited amounts of long-dated bonds helped stem losses. The U.K. central bank said the move was done on financial stability grounds after gilt yields soared and the pound slumped to a record low in the wake of last Friday’s budget announcements. The BOE also postponed a planned sale of gilts for next week. The yield on the 10-year gilt TMBMKGB-10Y, 4.072% skidded 52 basis points to 3.99%.

Also pressuring futures was a 3% fall in Apple shares AAPL, -3.21%, amid reports the technology giant was halting plans to increase production of its new iPhones.

$SHELON is 🔥🔥🔥

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bond market crash foreshadows new lows for US stock market, BofA warnsThe bond market is crashing as the Federal Reserve hikes interest rates to combat inflation, a warning sign for the U.S. stock market, according to Bank of America.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Bank of America clients are buying the dip in U.S. stocks, shifting from cyclicals to defensiveBank of America saw more buying of U.S. equities among its clients during last week’s selloff, but there was a shift in who was buying and what they were...
Source: MarketWatch - 🏆 3. / 97 Read more »

US Stocks End Mixed a Day After Dow Entered a Bear MarketA wobbly day of trading on Wall Street ended with a mixed finish for U.S. stock indexes Tuesday as markets stagger amid worries about a possible recession.
Source: wttw - 🏆 520. / 51 Read more »