Dow Jones Stops After 10 Losing Days, S&P 500 Remains Below 5,900
Today the S&P 500 continued to slip lower, ending the day below 5,900 points, while Dow Jones ended the losing streak after 10 days, consolidating in s range after a failed bounce.
After steep declines in the previous session, U.S. markets opened modestly higher and managed to recover some ground, though gains were uneven across the indices. The Dow Jones Industrial Average broke its 10-day losing streak, closing higher, while the broader S&P 500 and Nasdaq indices surrendered earlier gains and ended the day lower.
During the session, the Dow reached a peak gain of 460.98 points, the S&P climbed 63.36 points, and the Nasdaq added 230.37 points. However, lingering concerns from the Federal Reserve’s hawkish stance in yesterday’s decision continued to weigh on market sentiment.
Today’s meetings by the Bank of Japan (BOJ) and the Bank of England (BOE) had minimal impact on stock markets. While both central banks kept their interest rates unchanged, their actions were perceived as dovish, contributing to declines in the Japanese yen (JPY) and British pound (GBP). In housing market news, Freddie Mac reported that the average 30-year mortgage rate in the U.S. edged higher this week, rising to 6.72% from 6.60% the previous week. Despite the increase, this remains below the November peak of 6.84%. For context, the highest rate of the year, 7.22%, was recorded on May 2, 2024.
Closing Levels for Major US Indices
- Dow Jones Industrial Average: Up 15.37 points (+0.05%) at 42,342.24
- S&P 500: Down 5.09 points (-0.09%) at 5,867.07
- Nasdaq: Down 19.92 points (-0.10%) at 19,372.77
- Russell 2000: Down 10.01 points (-0.45%) at 2,221
US Debt Market Performance
- 2-Year Yield: 4.316% (-4.3 basis points)
- 10-Year Yield: 4.57% (+5.0 basis points)
- 30-Year Yield: 4.744% (+6.5 basis points)
US equity markets closed with mixed performance: the Dow ended slightly higher while the S&P 500, Nasdaq, and Russell 2000 declined modestly. In the debt market, the 2-year yield decreased, while the 10-year and 30-year yields climbed, reflecting varied investor sentiment. Meanwhile, European indices experienced significant losses, highlighting regional economic pressures.
European Indices Close Sharply Lower
- German DAX: -1.35%
- France’s CAC 40: -1.22%
- UK FTSE 100: -1.14%
- Spain’s Ibex: -1.52%
- Italy’s FTSE MIB: -1.78%
The US 2-year Treasury auction revealed a higher high yield but weaker demand, as indicated by a lower bid-to-cover ratio. Overall, the market reflects ongoing uncertainty amid mixed global and domestic economic signals.
US 2-Year Treasury Auction
- High Yield: 2.121%
- Higher than the previous auction’s yield (1.67%)
- Above the six-auction average (1.99%)
- Tail: 5.6 basis points
- Lower than the prior auction’s tail (15 basis points)
- Below the six-auction average (9.0 basis points)
- Bid-to-Cover Ratio: 2.10x
- Lower than the prior ratio (2.40x)
- Below the six-auction average (2.50x)
S&P 500 Live Chart
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