Markets Mixed in Lackluster Trading Session…..
U.S. equities finished mixed following a two-day slide that came courtesy of hotter-than-expected October inflation reports, headlined by yesterday’s rise in consumer prices that was the largest in over 30 years. Volume was lighter than usual on the Veterans Day holiday, which had the bond markets closed and the economic calendar dormant today. An earnings miss from Dow component Walt Disney, as well as reporting softer-than-expected Disney+ subscribers, pressured the blue-chip index. However, Affirm Holdings rallied on its results and expanded partnership with Amazon, and SoFi jumped after posting a smaller-than-expected loss and strong membership growth, as earnings season continues to head toward the finish line. The U.S. dollar was higher, and gold extended a run, while crude oil prices finished modestly to the upside in choppy action. Europe was mostly higher amid gains in cyclically-natured sectors despite some soft U.K. economic data, while markets in Asia were mixed.
The Dow Jones Industrial Average fell 159 points (0.4%) to 35,921, while the S&P 500 Index increased 3 points (0.1%) to 4,649, and the Nasdaq Composite rose 82 points (0.5%) to 15,704. In moderate-to-light volume, 3.9 billion shares of NYSE-listed stocks were traded and 4.5 billion shares changed hands on the Nasdaq. WTI crude oil gained $0.25 to $81.59 per barrel. Elsewhere, the gold spot price advanced $15.80 to $1,864.10 per ounce, and the Dollar Index—a comparison of the U.S. dollar to six major world currencies—was 0.3% higher at 95.16.
Economic calendar quiet and bond markets closed on Veterans Day…..
The economic calendar was void of any major releases today and the bond markets were closed for the Veterans Day holiday. The yield on the 2-year note was at 0.51%, the yield on the 10-year note remained at 1.55%, and the 30-year bond rate is at 1.91%.
Treasury yields have been volatile and have moved higher in the wake of this week’s hotter-than-expected October wholesale and consumer price inflation figures, with the latter registering the highest y/y pace in over 30 years. Also, the choppiness in the bond markets has come on the heels of last week’s Fed’s monetary policy decision, where it announced that it will begin to taper its monthly asset purchases by $15.0 billion per month.
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