The $27 trillion U.S. government-debt market concluded a momentous week of trading that sent the 10-year Treasury yield down to an 11-week low of 4.212% and could have even more room to run.
U.S. stock futures were mixed early Friday after the S&P 500 and Nasdaq posted their fourth consecutive record closes on Thursday. Contracts tied to the S&P 500 fell 0.5% and Nasdaq 100 futures were down 0.3%. Stocks were helped Thursday by more signs of a weakening economy and slowing inflation, which should help give the Federal Reserve room to lower interest rates later this year.
-- Australia’s job market grew more than expected in May, shrugging off recent signs of cooling as strong labor demand and relatively limited supply of skilled workers...
The S&P 500 rose 0.9% Wednesday, closing at another record high, after the Federal Reserve also gave reassurance that it still sees a cut to interest rates as likely this year. The Nasdaq composite rose 1.5%, also beating the all-time high it set a day earlier. The Nasdaq composite rose 264.89 points, or 1.5%, to 17,608.44.
Stocks and bonds were climbing in the wake of a cooler-than-expected inflation report, but the rally still has to get through the latest Federal Open Market Committee meeting. The Nasdaq Composite was up 1.9%. The S&P and Nasdaq are both coming off record closes on Monday and Tuesday.
Startling headline CPI for May forces markets to shift interest rate outlooks.
U.S. stock futures were flat early Wednesday after notching yet another record close.. Dow Jones Industrial Average futures added 31 points, or 0.1%. Contracts tied to the S&P 500 and Nasdaq were slightly up, but by less than 0.1%. On Tuesday the S&P hit its 27th record close of this year, while the Nasdaq chalked up its 15th high in 2024.
-- Chinese consumer price index inflation grew less than expected in May as consumption remained largely languid in the face of an uncertain economic recovery. But...
Markets are gearing up for a big day on the U.S. economic calendar.
The Treasury Department offered 4.438% interest on the 10-year note, lower than the average of six such sales of 4.324%. This gap, called a stop through, indicates it was a strong auction because the government didn’t have to entice investors with higher yield to buy its debt. Today’s auction was a reopening: The Treasury Department simply sold more previously issued 10-year notes.