Wednesday, 12 June 2024
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Once the 10-year yield reaches 4%, US Treasury Yields soar

ISM’s report shows that 10-year note yields exceeded 4% for the first time since November, reaching a high of 4.01%. The two-year US Treasury yield, which normally swings in tandem with expectations for interest rates, increased the next day after rising to 4.904%, its highest level since 2007. At 4.881%, it was last up 8.4 basis points.

Saglimbene said he now believes a Fed rate hike near 6% is more likely than not. The Nasdaq Composite was down 76.06 points, or 0.66%, to 11,379.48 while the S&P 500 lost 18.76 points, or 0.47%, to 3,951.39 and the Dow Jones Industrial Average increased 5.14 points or 0.02%.

US Treasury

The construction equipment maker’s announcement that it had reached a tentative agreement with a union that represents workers at four of its locations caused Caterpillar shares to rise 3.81%, keeping the Dow relatively stable. Fed funds futures revealed that traders increased their wagers that the US Federal Reserve will increase its benchmark rate from its current range of 4.5%–4.75% to a range of 5.5%–5.75% by September.

Neel Kashkari, president of the Minneapolis Fed and a vote-getter on the rate-setting committee in 2023, said he is “open-minded” about either a 25 or a 50 basis point rate hike in March, adding to worries about central banks’ boldness.

  • The Nasdaq Composite was down 76.06 points to 11,379.48 while the S&P 500 lost 18.76 points to 3,951.39
  • The Dow Jones Industrial Average increased by 5.14 points.
  • Tesla Inc. declined by 1.43%, Novavax Inc saw a 25.92% decline, and the Volume on US exchanges was 11.00 billion shares.

While Raphael Bostic, president of the Atlanta Federal Reserve, suggested a federal funds rate of between 5% and 5.25%, it would be necessary to tighten it until inflation is definitely decreasing by 2024.

Investors will be able to better predict rate movements before the Fed’s meeting on March 21–22, when rates are expected to be increased by 25 basis points, thanks to data on US monthly payrolls and consumer prices that will be released in the following days.

The commodity prices rose as statistics revealed that China‘s manufacturing activity surged at the quickest rate in more than a decade as the country continued to elude its Covid-19 limits. The energy and materials industries were among the few gainers of the day.

In advance of its investor day event, Tesla Inc. declined by 1.43%. A Reuters report claims that Tesla is planning to restructure production of its best-selling Model Y. After raising concerns about its ability to continue operating and announcing measures to cut spending as it gets ready for a fall immunization program, Novavax Inc saw a 25.92% decline.

Compared to the 11.39 billion average for the entire session over the previous 20 trading days, volume on US exchanges was 11.00 billion shares. On the NYSE, declining issues outnumbered rising ones by a ratio of 1.32 to 1; on the Nasdaq, the ratio was 1.29 to 1.

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