US STOCKS-Wall Street ends little changed as rising yields weigh on tech

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(For a live blog on the US stock market, click or type LIVE/ in the news window.)

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* Tesla falls after plunging more than 15% last week

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* Boeing hits three-month high

* China’s asset sector weighs in on metal miners (market close updates, analyst adds comment, byline)

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NEW YORK, Nov 15 (Businesshala) – Wall Street indexes closed Monday’s session near an unchanged mark as rising Treasury yields dampened appetite for technology stocks, while Boeing shares edged ahead on signs of demand for its cargo planes. Grow.

The technology sector was one of the biggest drags that day as US Treasury yields turned higher, with the yield on the benchmark 10-year US Treasury note touching its highest level since October 27. Higher Treasury yields weigh on high-growth sectors such as tech, as they discount future earnings from the sector.

Bank stocks, which benefited from climbing yields, advanced in line with a rise in bond yields, as investors positioned for the potential effects of the Federal Reserve’s tapering of massive asset purchases.

“Wall Street is completely determined by what is happening in the bond market. We are starting to see that yields are rising and this will eventually signal that there is a lot of panic that the Fed may be a little late in the game when it comes to rate hikes and will be forced to react very quickly given this. . Inflationary pressure,” said Ed Moya, senior market analyst at Oanda.

“You’re seeing mixed trading right now, because a lot of traders are focusing on whether these inflationary pressures will keep Treasuries or rates going up, you’re seeing a recovery in manufacturing in the Empire State and a lot of optimism from overseas. “

Monday’s data showed manufacturing activity in New York rose to 30.9 in November, significantly higher than an earlier reading of 19.8 and an estimate of 21.2.

According to preliminary data, the S&P 500 was up 0.12 points, or 0.00%, at 4,682.88, while the Nasdaq Composite lost 4.86 points, or 0.04%, to 15,853.85. The Dow Jones Industrial Average fell 8.38 points, or 0.03%, to end at 36,091.93.

This week the focus will be on earnings reports from several major retailers, including Walmart Inc., Target Corp., Home Depot Inc. and Macy’s Inc. Their results will kick off an upbeat third-quarter earnings season, which helped push Wall Street to new highs.

Retail sales figures for October are also due on Tuesday, and are expected to reveal signs of any impact of inflation on consumer spending.

Boeing Co was the top boost for Dow Jones Industrials as stocks hit a three-month high after Emirates announced an order for two 777 freighters and Saudi Arabian Airlines is in talks with a planner for a wide-body jet order. Was getting it done.

The Dubai Airshow event is the first major aerospace conference since the pandemic decimated passenger air travel, with investors looking at how the industry is coping with the new mobility.

Electric-car maker Tesla Inc fell after chief executive Elon Musk became involved in a feud with Bernie Sanders as a US senator demanded the wealthy pay a “fair share” of taxes.

Tesla’s decline comes after a massive 15.4% drop last week after Musk unloaded shares worth a combined $6.9 billion in the company.

The S&P materials sector was one of the worst-performing sectors for the session on signs of weakness in China’s asset sector, a key driver of global metal demand weighing on miners.

Dollar Tree Inc. jumped and was the top percentage gainer on the S&P 500 when active investor Mental Ridge LP disclosed a 5.7% stake in the discount retailer. (Reporting by Chuck Mikolajczk and David French in New York, Editing by Matthew Lewis)


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