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HomeTrading RoomInvestors Monitor Treasury Yields Around 16-Year Highs While S&P 500 Remains Stable

Investors Monitor Treasury Yields Around 16-Year Highs While S&P 500 Remains Stable

Following the release of considerably weaker-than-anticipated jobs statistics, Treasury rates declined from multiyear highs, which had caused the S&P 500 to trade flat.

A 0.1% increase was seen in the broad market index. In a 0.1% decline, the Dow Jones Industrial Average dropped by 47 points. The Nasdaq Composite increased by 0.5 percent in the meantime.

The worst-performing industry for the S&P 500 on Wednesday was energy. APA, Marathon Petroleum, and Valero Energy all saw declines of more than 4%, while Philips 66 saw a 5% loss.

The sector with the highest growth rate—more than 1%—was consumer discretionary. With increases of 4% and 2.8%, respectively, Tesla and Carnival led the industry gains.

Following the announcement of Wednesday’s most recent payrolls report, stocks briefly increased. According to ADP, there were 89,000 new private payrolls last month. That is far less than the upwardly revised 180,000 payroll additions from August, which the Dow Jones anticipated at 160,000, and even less than that.

The report caused Treasury rates to slightly retreat from their 2007 highs. At the time of last trading, the 10-year Treasury yield was 4.773%.

Higher interest rates have fueled recession worries and drove mortgage rates down to around 8%. The demand for mortgages consequently decreased to its lowest levels since 1996.

Source (CNBC)

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