Your current location is:{Current column} >>Text
US stocks open lower as the holiday
{Current column}72515People have watched
Introduction-- U.S. stocks opened lower on Friday after Wall Street closed largely unchanged the previous day am ...
-- U.S. stocks opened lower on FXTM TraderFriday after Wall Street closed largely unchanged the previous day amid soft trading volumes in a holiday-shortened week.
The opened lower at 5,997.7 points, while the edged 0.8% lower to 19,857.83 points. The inched 0.5% down to 43,110.26 points, as of 9:30 ET (14:30 GMT)
Wall St muted as tech pressured by higher treasury yields
The major tech giants continued to dip on Friday, with Apple Inc (NASDAQ:) marginally higher despite an upgrade from tech-bull Wedbush on Thursday.
Tesla Inc (NASDAQ:) stock fell 1.2%, while market darling NVIDIA Corporation (NASDAQ:) edged 0.8% lower.
Alphabet (NASDAQ:) Inc Class C (NASDAQ:) shares were lower, while Holdings (NASDAQ:) stock declined 0.5%.
Amid the absence of market-moving cues, investors reacted to a slight rise in U.S. government bond yields, including the benchmark , which reached 4.64% earlier—its highest level since early May.
However, a robust seven-year note auction in the early afternoon yesterday helped ease yields somewhat. The 10-year Treasury yield stands at 4.59% as of Friday morning.
Higher yields make bonds more attractive relative to equities, prompting a shift in investor capital away from tech stocks. Rising yields also translate into increased borrowing costs, which can constrain spending on innovation and expansion, further squeezing profit margins.
Investors assess US jobless claims data
The weekly data was released on Thursday, showing a dip to a one-month low.
The Labor Department reported a decrease of 1,000 in initial applications for state unemployment benefits, bringing the seasonally adjusted figure to 219,000 for the week that ended on December 21. This figure is lower than the 224,000 claims that economists had predicted for the same week.
Meanwhile, the number of individuals receiving benefits after their first week of aid, which serves as an indication of hiring, increased by 46,000. This brought the seasonally adjusted total to 1.910 million for the week that ended on December 14, the highest since November 2021. Economists had previously anticipated the number of these continued claims to be 1.880 million.
Contrasting signals from the data backs the Fed’s view of leaning toward a cautious approach, holding rates steady while monitoring labor market trends.
Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!Tags:
Related articles
As earnings season begins, S&P 500 forecast looks less weak By Reuters
{Current column}By Caroline ValetkevitchNEW YORK (Reuters) - As quarterly U.S. earnings got under way with upbeat re ...
Read moreChrysler parent Stellantis offers 14.5%, 4
{Current column}By David Shepardson(Reuters) -Chrysler parent Stellantis (NYSE:) said Friday it offered U.S. hourly ...
Read moreUK finance minister Hunt says inflation is on track to come down By Reuters
{Current column}LONDON (Reuters) - British finance minister Jeremy Hunt said on Saturday inflation was on track to h ...
Read more
Popular Articles
- Strong US consumer spending, inflation readings put Fed in tough spot By Reuters
- UPS execs say new labor deal with Teamsters to cost less than $30 billion By Reuters
- Oil prices dip with econ data, storm
- Credit Suisse posted $4 billion loss in 2Q, Sonntagszeitung reports By Reuters
- Japan CPI inflation rises as expected in April, more pressure on BOJ By
- Dow futures trade steady, Oracle sheds 8.7% after
Latest articles
-
Gold pressured by stronger dollar before Fed
-
Wall St set for higher open after data point to softening labor market By Reuters
-
Investor hopes for US soft landing ride on inflation data By Reuters
-
EV maker BYD buys US firm Jabil's China manufacturing unit for $2.2 billion By Reuters
-
Foreign states seek Sudan evacuations after US pulls out diplomats By Reuters
-
Mercedes boss: EV costs will remain higher for foreseeable future By Reuters