Stock Market

Treasury yields hold steady, with 10-year rate below 2.9%, as U.S. stock-market indexes open higher

Treasury yields were mixed on Friday amid a dearth of U.S. economic data after China’s central bank cut a key interest rate and major U.S. stock market indexes opened higher.

What yields are doing
  • The yield on the 10-year Treasury note

    was at 2.862% versus 2.854% at 3 p.m. Eastern on Thursday.

  • The 2-year Treasury note yield

    was at 2.633% versus 2.611% Thursday afternoon.

  • The yield on the 30-year Treasury bond

    was at 3.056% versus 3.065% late Thursday.

What’s driving the market

Investor risk appetite was lifted on Friday, after the People’s Bank of China lowered its benchmark lending rate for loans of five years or more, a key reference rate for home mortgages. The country has been battling COVID outbreaks, with lockdowns in industrial hubs such as Shanghai blamed for weak factory and consumer activity data in April.

Treasury yields held steady Friday morning after having slipped from levels seen in early May, when the 10-year topped 3.2%. Meanwhile, Dow industrials and the S&P 500 opened higher after having dropped to their lowest closing levels since March 2021 in the prior session. Thursday’s close left the S&P 500

down 18.7% from its Jan. 3 record close, approaching the 20% pullback that would mark a bear market.

See: Selloff puts S&P 500 on bear market’s doorstep. If history is a guide, there’s more pain ahead.

Related News  When the Nasdaq has had as ugly a start to September as it just had, it has always finished the month lower

Fears of stagflation —- a combination of persistent inflation and stagnant growth —- are on the rise and have been key market drivers, analysts said. The Federal Reserve is seen sticking with its plans to aggressively raise interest rates and shrink its balance sheet in an effort to get price pressures under control.

No major U.S. economic data is on tap for Friday.

What analysts are saying

Thursday’s price action made it clear, “with economic data starting to waver, that bonds are reassuming their time-tested position as a risk-off hedge against an economic slowdown,” wrote Tom Essaye, founder of Sevens Report Research, in a note.

For more updates check below links and stay updated with News AKMI.
Life and Style || Lifetime Fitness || Automotive News || Tech News || Giant Bikes || Cool Cars || Food and Drinks


Show More

Related Articles

Back to top button

usa news wall today prime news newso time news post wall