S&P 500 and Nasdaq fell back into negative territory, while Dow Jones closed flat on Wednesday, while government bond yields marched higher; as new inflation indicators from China, Germany, and the US hardened expectations that high-interest rates would be in force longer than expected. China’s Manufacturing Purchasing Managers’ Index (PMI) rose to 52.6 (Feb.) from 50.1 (Jan.), marking the fastest growth in more than a decade.
Wall Street’s major indexes closed out February in bearish territory, with a 4.19% total decline for the Dow Jones, 2.61% for the S&P 500, and 1.11% for the Nasdaq; in contrast to the bond market, which is cozily sitting on a yield uptrend, as evidenced by theh two-year US Treasury yields, the most sesitive to shifts in expectations for interest rates, have risen this February to 5% (the highest monthly increase since 1981, according to Refinitiv data).
After relishing a bullish January, Wall Street’s major indexes closed out February in bearish territory, with a 4.19% total decline for the Dow Jones, 2.61% for the S&P 500, and 1.11% for the Nasdaq; in contrast to the bond market, which is cozily sitting on a yield uptrend, as more evidence of stubborn inflation added to expectations that central banks will keep rates high.
The global market was somewhat buoyant earlier this week on favorable economic data and bargain hunting after the market weakness last week, which was the most significant decline this year. However, investors remained vigilant over speculation of higher interest rate hikes in the US & Europe.
Wall Street and global shares went upwards earlier this week on favorable economic data and bargain hunting after the market weakness last week, which was the biggest decline this year.
The Dow Jones and others confirmed to close last week’s trading in negative territory, with the DJIA posting the biggest decline since September, aminus of 3% last week causing the Dow to experience a decline of four consecutive weeks.
US economic data released on Friday sent Wall Street to close the week in negative territory, with the DJIA posting its biggest decline since September. with the DJIA posting the biggest decline since September, a minus of 3% last week causing the Dow to experience a decline of four consecutive weeks.
All three major Wall Street indexes ended in a loss above 1% on Friday, triggered by the Personal Consumption Expenditures (PCE) Price Index (Jan.) data, which the Fed uses to measure inflation; that jumped to 5.4% YoY (up 0.6% MoM).
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