US shares slipped on Tuesday while treasury yields and gold rose as investors anticipate higher interest rates by the Federal Reserve in the path ahead.
US shares slipped on Tuesday while treasury yields and gold rose as investors anticipate higher interest rates by the Federal Reserve in the path ahead.
The S&P 500 fell 0.16% at 3,971.27. The Dow Jones Industrial Average lost 0.12% at 32,394.25. The Nasdaq Composite dropped 0.45% at 11,716.08.
The S&P 500 fell 0.16% at 3,971.27. The Dow Jones Industrial Average lost 0.12% at 32,394.25. The Nasdaq Composite dropped 0.45% at 11,716.08.
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Stocks of energy companies rallied on rising crude oil prices.
On Monday, most stock markets gained, led by banks after First Citizens Bank acquired large portion of assets of Silicon Valley Bank (SVB).
In early morning session, US 10 year bond yield is up 0.31 per cent at 3.579 whereas US 30 years bond yield is down 0.27 per cent at 3.775 levels.
Gold prices edged down on Wednesday as the U.S. dollar steadied, while fears abated about a bigger fallout from the global banking sector crisis after efforts by regulators to shore up investor confidence.
– Spot gold was trading 0.2% lower at $1,970.79 per ounce, as of 0050 GMT, after rising 1% on Tuesday. U.S. gold futures eased 0.1% to $1,972.30.
-The dollar index was 0.1% higher, making bullion more expensive for buyers holding other currencies.
US treasury yields pared gains on Tuesday after the treasury department saw a high demand for an auction of five-year notes.
The yield on 10-year notes rose 3.6 basis points (bps) to 3.564%, from 3.528% on Monday. The yield on 30-year bond added 2.2 bps to 3.7819%.
The yield on 2-year note rose 9.5 bps to 4.0598%.
The treasury department sold $43 billion in five-year notes at a high yield of 3.665%.
The treasury will also sell $35 billion in seven-year notes on Wednesday.
Gold prices surged on weak US dollar as bank sector fears eased. Spot gold surged 0.9% at $1,973.49 an ounce.
The US dollar declined against a basket of currencies for the second day in a row.
European stocks closed flat on Tuesday amid lingering fears of banking crisis. The pan-European STOXX 600 index lost 0.06%. During intraday, the index advanced as much as 0.8%.
Germany’s DAX gained 0.1% at 15,142.02. France’s CAC 40 added 0.1% at 7,088.34. Britain’s FTSE 100 rose 0.2% at 7,484.25.
Asian stocks ended up on Tuesday tracking gains in the US and European markets on Monday. MSCI’s broadest index of Asia-Pacific shares, outside Japan, rose 0.81%.
South Korea’s Kospi gained 1.1% to 2,434.94. Hong Kong’s Hang Seng rose 0.9% to 19,751.94. The Shanghai Composite fell 0.2% to 3,245.38. Japan’s Nikkei 225 added 0.2% to end at 27,518.25. Australia’s S&P/ASX 200 jumped 1.0% to 7,034.10.
Oil prices advanced on Tuesday on supply disruption from Iraq’s Kurdistan region.
Brent settled at $78.65, up 0.7% on Tuesday. US crude futures ended up 0.5% at $73.20 per barrel.
