Shares are broadly lower in trading on Thursday morning as investors were discouraged by economic data showing continued pain for recession-hit Americans as well as steady increases in bond yields.
BANGKOK – Shares are broadly lower in trading on Thursday morning as investors were discouraged by economic data showing continued pain for Americans affected by the recession as well as the steady rise in bond yields.
The S&P 500 index has lost 0.9% since 11:15 a.m. East. The Dow Jones industrial average fell 0.9% and the Nasdaq Composite heavy for technology fell 1.4%. The Russell 2000 Small Business Index fell 1.6%.
Energy prices fell for a second day as cold temperatures affecting Texas and most of the Midwest moved east. Natural gas prices fell 4%.
Bond yields continue to rise as inflation murmurs have begun among investors and as the economy continues to grow from the hole created by the pandemic. Yields on the US Treasury 10-year banknote rose to 1.31%, almost double where it was last fall. It is now trading at levels seen before the pandemic closes in March 2020.
The rise in bond yields has multiple impacts on the market. When bonds pay higher yields, they are more attractive to a wider group of investors, who tend to make money from low-performing stocks and stable bond yields. It is a phenomenon of attraction that has existed in the market for decades. With bonds no longer paying lower-yield yields, the inverse relationship between stocks and bonds can reconfirm itself.
Second, the bond market tends to be a good predictor of the economy. The continued increase in yields means that investors see the economy improving, but it also suggests that they are concerned about inflation. President Joe Biden’s plan to spend $ 1.9 trillion on the stimulus may be somewhat inflationary, although in a recession, this is not necessarily a bad thing.
A sign of how painful the U.S. economy remains for many Americans and the argument why additional stimulus is needed came in this week’s unemployment claims report. The government reported that applications for unemployment benefits rose last week to 861,000. This is the latest indication that layoffs remain high as coronavirus outages keep many businesses closed.
Minutes from the January Federal Reserve policy meeting released Wednesday showed that central bank officials believed the pandemic still posed significant risks to the economy and still supported keeping interest rates low to boost the economy and help millions of Americans. to regain lost jobs.
Fed Chairman Jerome Powell has warned that inflation could accelerate for a while in the coming months as the country opens up. But he and many private economists believe this will only be a temporary increase and not a sign that inflation is spiraling out of control.
The Dow Walmart component fell 6% after reporting poorer results than analysts had expected.
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