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Wall Street stocks were mixed at the end of Monday’s session as markets monitored US Treasury yields and awaited key earnings and economic data later in the week. online news
Major indices opened the day firmly lower after the yield on the 10-year US Treasury note topped five percent for the first time in 16 years.
But as yields moved lower later in the day, large technology companies gave markets a boost, with Google parent Alphabet, Amazon and Microsoft shares all rising ahead of earnings later in the week.
The tech-centered Nasdaq Composite Index finished up 0.3 percent at 13,018.33.
The Dow Jones Industrial Average dropped 0.6 percent to 32,936.41, while the broad-based S&P 500 shed 0.2 percent to 4,217.04.
The rise in bond yields has worsened worries that Federal Reserve interest rates will stay higher for longer, denting the growth outlook.
Markets are also keeping an eye on rising carnage in the Middle East where Israel has launched a bombing campaign following the October 7 Hamas attack of the country.
Among individual companies, Hess shares fell 1.0 percent after announcing it agreed to be acquired by rival oil company Chevron for $53 million in an all-stock deal. Chevron shares dropped 3.7 percent.
Besides a heavy week of earnings, this week’s schedule includes several significant economic reports that will be scrutinized for their implications on monetary policy.
These include a report on third quarter US growth and September personal income and spending that also includes key inflation data.
© Agence France-Presse