Stock indices trend mostly flat at market open after big selloffs in Thursday’s market in response to the rising 10-year bond yields.
The Dow has posted a 298 point loss, down to 32,585 (-0.89%), while the S&P 500 Index fell 16 points to 3893 (-0.41%). The Nasdaq has begun to shift slightly upward, posting between 9 and 10 point gains this morning to 12,773 (+0.08%).
US markets were hit hard yesterday by rising bond yields on the US 10-year Treasury note, with the Nasdaq in particular shedding over 400 points before close. The yield on 10-year notes is currently holding at 1.74 percent.
Cryptocurrency continued its rebound from Tuesday, with Bitcoin inching closer to the $60,000 mark that it broke through last Saturday. Bitcoin is currently trading at $58,146 in todays market, while Ethereum is trading for $1,802.
Crypto investors continue to monitor political news out of India, tracking legislation that could ban cryptocurrency in the world’s seventh largest economy.
European markets followed suit with the US as the Stoxx 600 fell 4 points to 422 (-1.05%) while London’s FTSE 100 shed 96 points to 6,684 (-1.4%). The DAX was Europe’s worst performer on the day, dropping 197 points to 14,581 (-1.34%).
Asia was feeling the market pressure as well, with the Shanghai Composite (SHCOMP) falling 58 points to rest at 3,404 (-1.69%). The Hang Sang Index (HSI) shed 414 points down to 28,990 (-1.41%) while Japan’s Nikkei 225 dropped 424 points to 29,792 (-1.41%).
© Fourth Estate
® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.