US equities ended Thur’s trading session mostly lower despite a late-day turnaround. The headline producer prices (PPI) rose 11% YoY in Apr and 0.5% mom, showing continued inflation pressures reinforced expectations for an aggressive series of rate hikes from the Fed. While c
The Dow Jones Industrial Average lost 103.81 pts or 0.33% lower to close at 31,730.30. The broader S&P 500 index fell 0.13%. The tech-heavy Nasdaq Composite advanced 0.06%. The small-cap Russell 2000 gained 1.24%. Meanwhile, the CBOE Volatility index fell 2.43% to 31.77.
Megacap tech stocks fell on Thur, including Apple (AAPL US, -2.69%), Microsoft (MSFT US, -2.00%), Alphabet (GOOGL US, -0.67%) and Nvidia (NVDA US, - 2.74%). Amazon (AMZN US, +1.48%) and Meta Platforms (FB US, +1.32%) were exceptions.
The yield on the 10-year Treasury note slipped 7.28 basis points (bps) to 2.8479%, while the yield on the 2-year Treasuries fell 7.79 bps to 2.5592%.
The front-month Brent and WTI futures closed down 6 cents at US$107.45/bbl and 42 cents at US$106.13/bbl respectively.
The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.97% to 104.851.
The most actively traded US gold futures (Jun) contracts settled down $29.10, or 1.57%, at US$1,824.60/oz. July silver, which is the most actively traded silver futures, fell 80.2 cents, or 3.72%, to end at US$20.773/oz.
Bitcoin (XBTUSD) rose 0.51% to US$28,546.25 on Thur. Crypto prices stabilized after Terraform Labs restarted its Terra blockchain, which it shut briefly to limit damage in the wake of the TerraUSD algorithmic stable coin (UST) and Luna crashes.
European equity markets finished lower on Thur. The UK FTSE lost 1.56%, France's CAC 40 fell 1.01%, while the German DAX retreated 0.64%.