Continued Surge By Treasury Yields May Weigh On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Tuesday, 03 October 2023 09:11:49 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Breaking: Price of Gold & Silver set to EXPLODE in 2023! Read Now... Attention investors and retirement savers...Investment experts and even mainstream news publications are predicting a windfall for gold and silver prices in 2023! This could be the year we see the value of precious metals like gold and silver EXPLODE! You won't want to miss out! [Reserve Your FREE Gold & Silver Kit Today!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to initial weakness on Tuesday, with stocks likely to move mostly lower following the mixed performance seen in the previous session. The downward momentum on Wall Street comes amid a continued surge by treasury yields, with the yield on the benchmark ten-year note jumping to its highest levels in sixteen years. Treasury yields have been trending higher for much of the past month amid concerns about the outlook for interest rates. Recent comments by Federal Reserve officials have suggested the central bank may raise rates higher than had been anticipated and keep rates an elevated level for longer than expected. CME Group?s FedWatch Tool is currently indicating just a 25.7 percent chance the Fed will raise rates by another quarter point next month but a 38.2 percent chance of a quarter point rate hike in December. Key economic data due to be released in the coming days, including the closely watched monthly jobs report, could have a significant impact on the outlook for rates. After ending last Friday's trading on opposite sides of the unchanged line, the major U.S. stocks indexes turned in another mixed performance during trading on Monday. While the tech-heavy Nasdaq ended the day firmly in positive territory, the Dow dipped to its lowest closing level in four months. The Nasdaq climbed 88.45 points or 0.7 percent to 13,307.77 and the S&P 500 crept up 0.34 points or less than a tenth of a percent to 4,288.39, but the Dow slipped 74.15 points or 0.2 percent to 33,433.35. Concerns about the outlook for interest rates continued to hang over the markets ahead of the release of the Labor Department's closely watched monthly jobs report on Friday. Economists currently expect employment to increase by 163,000 jobs in September after climbing by 187,000 jobs in August, while the unemployment rate is expected to edge down to 3.7 percent from 3.8 percent. Negative sentiment was also generated in reaction to a surge by treasury yields, which came after U.S. lawmakers passed a last minute, temporary spending bill over the weekend to keep the U.S. government open. "Over the weekend, Congress opted to kick the can down the road, passing a short-term stopgap funding bill," said Edward Moya, senior market analyst at OANDA. "This measure means the government will remain open until November 17th, providing natural disaster aid but not additional funding for Ukraine or border security." He added, "With a temporary funding solution in place, Wall Street quickly returned to fueling the bond market selloff, which helped send the dollar higher across all its major trading partners." On the U.S. economic front, the Institute for Supply Management released a report showing a modest slowdown in the pace of contraction in U.S. manufacturing activity in the month of September. The ISM said its manufacturing PMI rose to 49.0 in September from 47.6 in August, although a reading below 50 still indicates a contraction. Economists had expected the index to inch up to 47.7. A separate report released by the Commerce Department showed construction spending in the U.S. increased in line with economist estimates in the month of August. The Commerce Department said construction spending climbed 0.5 percent to an annual rate of $1.984 trillion in August after jumping by an upwardly revised 0.9 percent to a rate of $1,847.3 billion in July. Economists had expected construction spending to rise by 0.5 percent compared to the 0.7 percent increase originally reported for the previous month. Interest rate-sensitive utilities stocks turned in some of the worst performances on the day, dragging the Dow Jones Utility Average down by 4.1 percent to its lowest closing level in over three years. Substantial weakness was also visible among gold stocks, as reflected by the 3.8 percent nosedive by the NYSE Arca Gold Bugs Index. The index tumbled to an eleven-month closing low. The sell-off by gold stocks came amid a decrease by the price of the precious metal, with gold for December delivery falling $18.90 to $1,847.20 an ounce. Natural gas, oil service and airline stocks also saw considerable weakness on the day, while software stocks showed a strong move to the upside. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Labor Department is scheduled to release its report on job openings in the month of August at 10 am ET. Economists expect job openings to edge down to 8.80 million in August from 8.83 million in July. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Stocks in Focus Shares of POINT Biopharma Global (PNT) are skyrocketing in pre-market trading after the radiopharmaceutical company agreed to be acquired by Eli Lilly (LLY) for $12.50 per share in cash or roughly $1.4 billion. Eyeglass retailer Warby Parker (WRBY) is also likely to see initial strength after Evercore ISIS upgraded its rating on the company?s stock to Outperform from In-Line. Meanwhile, shares of Airbnb (ABNB) may move to the downside after KeyBanc Capital Markets downgraded its rating on the short-term home-rental company to Sector Weight from Overweight. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Europe European stocks are broadly lower on Tuesday as inflation and interest-rate worries persist. U.K. stocks have shown a more modest move to the downside on the back of a weaker pound and industry data showing lower growth in shop prices in September. The British Retail Consortium said shop prices rose an annual 6.2 percent last month compared to 6.9 percent in August, easing to its lowest rate since September 2022. Food price inflation fell for the fifth month in a row to 9.9 percent from 11.5 percent and was down for the first time in more than two years on a monthly basis. While the German DAX Index and the French CAC 40 Index have both slumped by 0.9 percent, the U.K.?s FTSE 100 Index is down by 0.3 percent. Rising wages in the euro zone are underpinning inflation in the bloc but wage growth will likely moderate in the coming months, ECB chief economist Philip Lane told an event in the Lithuanian capital Vilnius earlier today. Fashion retailer Boohoo Group has plunged in London after it reported a wider pre-tax loss for the first half of 2023, amidst a decline in revenue reflecting a fall in demand. In addition, the company has revised down its full-year 2024 guidance. Retailer Kingfisher has also dropped after an announcement that it is launching the first tranche of a 300 million pound share repurchase drive, now buying back 50 million pounds of shares. Greggs has also shown a significant move to the downside. The bakery chain said it has no plans to raise prices before Christmas. On the other hand, Swiss construction chemicals maker Sika AG has advanced after raising its annual sales growth target. Petrofac has also gained after the oil services firm bagged a contract worth more than $600 million from ADNOC Gas for the Habshan carbon capture and storage project. Drug maker Sanofi has also risen in Paris after it entered into an agreement with Janssen Pharmaceuticals, Inc., a Johnson & Johnson company, for the development of Janssen's extraintestinal pathogenic E. coli vaccine candidate (ExPEC9V). --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks fell sharply to reach their lowest this year on Tuesday after comments from some Federal Reserve officials suggested that the U.S. central bank might have to raise its key interest rate higher than previously expected in the current battle against inflation. Gold sank to a seven-month low as the dollar hit 11-month highs amid a spike in the U.S. benchmark 10-year bond yield to the highest level since 2007. Oil fell for a fourth day on concerns about the demand outlook. South Korean and Chinese markets were closed for holidays. Hong Kong's Hang Seng Index tumbled 2.7 percent to 17,331.22 as trading resumed after a long holiday weekend. China Evergrande Group shares jumped over 28 percent in Hong Kong as trading in the heavily indebted Chinese property giant resumed following a halt last week. Japanese shares fell sharply amid lingering worries over U.S interest rates staying higher for longer period. Traders also remained on alert for a possible government intervention in currency markets to combat a sustained depreciation in the yen. The Nikkei 225 Index slumped 1.6 percent to 31,237.94, hitting a four-month low amid concerns over the rise in long-term U.S. yields. The broader Topix Index settled 1.7 percent lower at 2,275.47. Automakers led losses, with Honda Motor and Toyota Motor falling around 3 percent each after Japanese Finance Minister Shunichi Suzuki repeated a warning against speculative moves in currency markets. Mitsubishi Motors plummeted over 5 percent and Mazda Motor plunged 6 percent. Resource stocks followed suit, with Inpex and Eneous Holdings plunging 6.5 percent and 5.9 percent, respectively. Australian markets declined after the Reserve Bank of Australia held interest rates steady for a fourth month but reiterated that further policy tightening might be needed to bring inflation to heel in a ?reasonable timeframe.? The benchmark S&P ASX 200 Index dropped 1.3 percent to 6,943.40, while the broader All Ordinaries Index ended down 1.3 percent at 7,141. Mining and energy stocks succumbed to selling pressure as commodity prices weakened due to a stronger dollar. Gold miners Northern Star Resources, Evolution Mining and Perseus lost 4-6 percent, while energy companies Santos and Beach Energy declined 4-5 percent. Across the Tasman, New Zealand's benchmark S&P NZX-50 Index finished marginally lower at 11,235.72. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are falling $0.40 to $88.42 a barrel after plunging $1.97 to $88.82 barrel on Monday. Meanwhile, after slumping $18.90 to $1,847.20 an ounce in the previous session, gold futures are slipping $5.40 to $1,841.80 an ounce. On the currency front, the U.S. dollar is trading at 149.93 yen compared to the 149.86 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0468 compared to yesterday?s $1.0477. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49