NEW YORK December 27 (Reuters) – The S&P 500 and the Nasdaq fell on Tuesday after economic data released in the US at the start of a week cut by the holidays. china said would cancel the COVID-19 quarantine rule for arriving passengers.
US Treasury yields rose after data showed the November advance goods trade deficit narrowed to $83.35 billion, from $98.8 billion the previous month.
Duration oil-based earnings The commodity had previously reached a three-week high as some US power plants shut down due to winter storms resumed operation. of china The latest easing of COVID restrictions has raised hopes of recovery in demand.
The rise in Treasury yields is putting pressure on growth stocks, including the currency-sensitive tech sector, according to Michael O’Rourke, chief market strategist at JonesTrading in Stamford, Connecticut.
Saying that more pressure came from the sharp decline in the shares of electric car maker Tesla Inc., O’Rourke said, “There is a lack of anyone who has the faith to step in and buy right now.” (TSLA.O)It fell about 8% at 1925 GMT.
Gene Goldman, chief investment officer at Cetera Investment Management, described Tuesday’s session as “lazy” as investors await next week’s Fed meeting minutes and economic data such as the jobs report.
Dow Jones Industrial Average (.DJI) The S&P 500 rose 51.78 points, or 0.16%, to 33,255.71 (.SPX) Nasdaq Composite lost 16.49 points, or 0.43%, to 3,828.33. (.IXIC) It fell 132.49 points, or 1.26%, to 10,365.37.
Pan-European STOXX 600 index (.STOXX) It rose 0.13%, and MSCI’s worldwide stock benchmark (.MIWD00000PUS) 0.13% drop.
In some regions, such as London, Dublin, Hong Kong and Australia, markets remained closed after the Christmas holidays.
Emerging market stocks (.MSCIEF) It rose 0.26%. MSCI’s largest index of Asia-Pacific shares outside of Japan (.MIAPJ0000PUS) Japan’s Nikkei rose 0.53% (.N225) rose 0.16%.
Cetera’s Goldman said China’s changing COVID policies would be “good news for the global economy going forward”, while noting that there has been renewed vigilance among people in China due to the current rise in COVID infections since China eased restrictions.
Benchmark 10-year bonds rose 10.2 basis points to 3,849%, from 3,747% late Friday. The 30-year bond rose 11.7 basis points to yield 3.939%. The 2-year bond rose 7.7 basis points to 4.3998%.
The dollar rebounded its losses on Tuesday amid news of China COVID, which also boosted risk-related currencies like the Australian dollar.
This dollar index The US dollar, which measures the US dollar against major currencies, remained flat, while the euro rose 0.12% to $1.0648.
The yen was down 0.35% to trade at 133.34 per dollar, while the pound was last trading at $1.2032, down 0.23% on the day.
In energy futures, US crude was up 0.68% to $80.10 a barrel recently and Brent was up 1.07% to $84.82 on the day.
Gold prices rosewhile resilient US yields cast a shadow over the progress of non-yielding bullion.
Spot gold rose 1.0% to $1,816.20 an ounce. US gold futures were up 1.17% to $1,816.90 an ounce.
Reporting Additional reporting by Sinéad Carew in New York, Nell Mackenzie Xie Yu and Ankur Banerjee in London Edited by Simon Cameron-Moore and Matthew Lewis
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