Stock Market Today: S&P 500 in longest losing streak since October as yields jump

AuthorYasin Ebrahim

Stock Markets

Published 18/04/2024, 10:22 am

he S&P 500 closed lower Thursday, notching a fifth-straight daily loss and its longest losing streak since October, as investors weighed up rising treasury yields on easing hopes for rate cuts.

At 16:00 ET (20:00 GMT), Dow Jones Industrial Average rose 24 points, or 0.1%, but had up around 330 points intraday. The S&P 500 fell 0.3%, while NASDAQ Composite fell 0.5%.

Treasury yields continue to melt-up on hawkish fed speak, stronger economic data

Treasury yields continued to trend higher rate-cut expectations continued to take knock following remarks from Fed speakers calling for patient on cuts, while others flagged the possible of resuming rate hikes should inflation pick up pace.

Interest are in a "good place", New York Federal Reserve President John Williams said Thursday, though cautioned that "if the data are telling us that we would need higher interest rates to achieve our goals, then we would obviously want to do that."

Atlanta Fed president Raphael Bostic reiterated that rate cuts aren't likely to begin until the end of the year the path to the 2% inflation target would be slow and bumpy.

As well as hawkish Fed remarks, fewer than exepcted Initial jobless claims data, pointing to ongoing strength in the labor market and an unexpected increase in a key regional manufacturing report also dented hopes on rate cuts.