Overview
The U.S. stock market closed mixed today, influenced by weak Treasury demand and concerns over the deteriorating employment situation. Profit-taking near recent highs halted the upward momentum. Increasing demand for long-term bonds led to a rise in yields, negatively affecting investor sentiment and reversing early market gains.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
Major News Story
- Weak Treasury Demand: There was a notable lack in demand for 30-year Treasury bonds, causing a spike in long-term yields and affecting market sentiment.
- Employment Data: The rise in initial jobless claims to their highest since November 2021 fueled worries over a weakening labor market.
- Semiconductor Tariff Exemption: President Trump announced a tariff exemption for certain semiconductor-producing companies, lifting their stocks. However, Intel shares fell by 3% following a demand for its CEO's resignation.
- Federal Reserve Appointments: President Trump is considering Steven Mnuchin for the open Federal Reserve Board position and Christopher Waller as a potential candidate for the next Fed chair.
Tomorrow's Economic Indicators
| Release Time | Content |
|---|---|
| 2:00 AM | U.S. Baker Hughes Rig Count |
| 11:20 AM | Fed President Bostic Speech |
General Opinion
The surge in bond yields and worsening employment data are likely to weigh on investor sentiment. The direction of Federal Reserve policy and governmental economic interventions will play a pivotal role in determining market trends. Investors are advised to strategize cautiously given the current market volatility.
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