Dow Jones closes down 42.77 points, bond yields drag down the market: InfoQuest

Editor’s Picks, Stock News6:29 a.m.2024-04-25

The Dow Jones New York Stock Exchange index closed lower on Wednesday (April 24) as a surge in US bond yields affected market trading. and overshadowed positive factors from strong operating results reported by listed companies.

• The Dow Jones Industrial Average closed at 38,460.92 points, down 42.77 points or -0.11%,
• The S&P500 Index closed at 5,071.63 points, up 1.08 points or +0.02% and
• The Nasdaq index closed at 15,712.75 points, up 16.11 points or +0.10%.

The 10-year US Treasury yield surged above 4.67% overnight, while the 2-year Treasury yield surged above 4.95%.

Todd Morgan, president of Bel Air Investment Advisors, said the surge in U.S. bond yields is weighing on the market. Since the beginning of this year The 10-year Treasury yield has already risen to 0.70%, and if the bond yield rises to 5%, it will have a severe impact on the stock market in the short term.

However, the S&P500 and Nasdaq closed in positive territory, with seven of the 11 stocks included in the S&P500 index increasing. Led by consumer products stocks Utilities group Luxury product group and real estate group

Shares of Texas Instruments, one of the top U.S. chipmakers, rose 5.6%, while Biogen shares rose 5.6%. Pharmaceuticals Inc. rose 4.5% and Boston Scientific, a medical device maker, rose 5.7% after all three companies posted better-than-expected earnings.

Hasbro, the toy maker jumped nearly 12% after the company revealed Q1 sales fell less than analysts expected. It also revealed profit figures that were higher than expected.

Tesla shares soared 12% after Tesla Chief Executive Elon Musk said: The company may start producing new, cheaper electric cars sooner than planned. It may begin operations at the end of this year or early next year. Originally scheduled to begin production in the second half of 2025.

Boeing shares fell 2.8% after the company said first-quarter revenue fell for the first time in seven quarters, even though it beat analysts’ expectations. Dave Calhoun said Boeing’s Chief Executive Officer said: In the near term Boeing still faces a difficult situation. This is because declining aircraft deliveries have created problems for customers and the company’s financial health.

Meta Platforms shares were down 0.5% before the company released earnings after the market closed. Investors will be watching the results of other tech companies this week, including Microsoft and Alphabet.

Investors are also keeping an eye on the release of 1Q2024 gross domestic product (GDP) figures for the United States today (April 25) and the Personal Consumption Expenditures (PCE) Price Index on Friday. this (April 26) to find signals indicating the interest rate trend of the US Federal Reserve (Fed).

For the economic data that was released last night. The US Department of Commerce reports that U.S. orders for durable goods, such as airplanes, cars and heavy machinery with a useful life of three years or more, rose 2.6% in March, beating analysts’ expectations for a 2.5% increase after rising 0.7%. In February

Total orders for basic durable goods This is an order for capital goods that does not include aircraft. and weapons products It is an indication of business spending plans, increasing 0.2% in March after increasing 0.4% in February.

By InfoQuest News Agency (25 Apr. ’24)

Tags: dowjones, Dow Jones, stock market, New York Stock Exchange