Muristek
File picture shows a worker cleaning the floor of the New York Stock Exchange (NYSE), US, March 20, 2020. — Reuters pic
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NEW YORK, April 8 — Wall Street stocks were mostly lower early today amid lingering unease over tightening monetary policy as US Treasury bond yields pushed higher.
The yield on the 10-year US Treasury note approached 2.7 per cent, part of an ascent that has accompanied hawkish Federal Reserve statements about plans to counter inflation.
Markets also have weighed worries over Russia’s ongoing siege of Ukraine and the escalating international sanctions on Moscow, as well as fresh Chinese lockdowns due to the latest Covid-19 wave.
About an hour into trading, the Dow Jones Industrial Average was up 0.1 per cent at 34,627.90.
But the broad-based S&P 500 dipped 0.3 per cent to 4,487.78, while the tech-rich Nasdaq Composite Index declined 0.8 per cent to 13,781.81.
Stocks have shown periods of resilience this week on the sense that the unfavourable dynamics “have already been discounted in stock prices,” said Briefing.com analyst Patrick O’Hare.
“That’s a highly debatable takeaway,” O’Hare added. “We point it out simply to provide some context for why the stock market isn’t buckling to selling pressure like it did earlier in the year.” — AFP