US stocks turn mixed as 10-year Treasury yield, oil prices give up most gains

US stocks closed mixed on Monday, near session highs, as the benchmark 10-year Treasury yield and oil prices gave up most of their early gains.

The Dow Jones Industrial Average lost just over 36 points at the start of the trading week. Only five of its top 11 sectors closed higher, led by consumer discretionary and tech.

However, the benchmark S&P 500 and the tech-heavy Nasdaq Composite gained, backed by Apple, which closed slightly higher after the tech giant unveiled new Mac laptops. All three major indices opened lower but rebounded somewhat throughout the trading day.

Here’s where the U.S. indices were at the 4 p.m. ET close on Monday:

The 10-year Treasury yield edged up to 1.584% from 1.577% on Friday, but fell from 1.619% early on Monday. Yields increase when prices fall.

Commodity crises continued to weigh on global markets, in particular the current energy crisis. OPEC + did not meet its production targets, sources told Bloomberg. And Russia has decided to stop sending natural gas to Europe, causing prices to rise.

But oil prices ended up mixed. West Texas Intermediate crude jumped 0.2% to $ 82.44 per barrel. Brent oil, the international benchmark, slipped 0.72% to $ 84.25, marking its first decline in three sessions. Last week, he recorded his eighth straight week of gains in what is so far his longest streak in a 10-week spell until April 1999.

Investors continue to anticipate inflationary pressures that could worsen ahead of vacation demand due to supply chain bottlenecks and labor shortages.

Outside the United States, the Chinese economy grew 4.9% in the third quarter, according to data from the country’s National Bureau of Statistics. Growth was slower than the 7.9% increase recorded by the country in the previous quarter and was the weakest pace in the country since the third quarter of 2020.

Industrial production posted its worst performance since the start of the pandemic, made worse by power shortages, supply chain problems and debt problems in its real estate sector.

In cryptocurrencies, bitcoin jumped 5.5% to $ 62,667 ahead of the imminent start of an exchange-traded fund on Tuesday. Some on Wall Street, including hedge fund chief Mark Yusko, believe bitcoin is “overbought” as the excitement continues to push the price up. He said the asset could prepare for a pullout.

Altcoin prices were mixed. Ethereum, cardano and litecoin each fell around 1%, while memes-inspired dogecoin and shiba inu coins each jumped 7%.

Meanwhile, New York Attorney General Letitia James ordered the closure of two cryptocurrency lending platforms for “illegal activities” and led the investigation into three more. All company names have been redacted. However, early reports from The Block showed the letters labeled “Nexo Letter” and “Celsius Letter”.

Gold fell 0.29% to $ 1,765.75 an ounce.

Comments are closed.