ALBAWABA – Stocks fell Thursday against an increase in United States (US) treasury yields the like of which was last seen in 2007, as concerns grew over strong hiring data and the Federal Reserve (Fed) raising US interest rates in their next meeting in July.
The S&P 500 slid 0.9 percent, according to Agence France-Press (AFP), after the ADP Research Institute published figures Thursday indicating strong private-sector hiring in June.
Swap contracts linked to future policy decisions are almost fully priced in a quarter-point increase by July 26, with an additional hike by year’s end widely anticipated.
Stocks on the move included Exxon Mobil Corp., which fell after forecasting a $4 billion hit to earnings, and Meta Platforms Inc., which rose after Instagram officially launched the Twitter- rival app, Threads.
Markets summary by Bloomberg
Stocks
The S&P 500 fell 0.8 percent as of 9:30 a.m. New York time
The Nasdaq 100 fell 0.9 percent
The Dow Jones Industrial Average fell 0.5 percent
The Stoxx Europe 600 fell 1.8 percent
The MSCI World index fell 1.1 percent
Currencies
The Bloomberg Dollar Spot Index was little changed
The euro rose 0.3 percent to $1.0884
The British pound rose 0.4 percent to $1.2753
The Japanese yen rose 0.3 percent to 144.18 per dollar
Cryptocurrencies
Bitcoin rose 0.4 percent to $30,601.63
Ether fell 0.3 percent to $1,904.64
Bonds
The yield on 10-year Treasuries advanced 10 basis points to 4.03 percent
Germany’s 10-year yield advanced 12 basis points to 2.60 percent
Britain’s 10-year yield advanced 14 basis points to 4.63 percent
Commodities
West Texas Intermediate crude fell 0.3 percent to $71.56 a barrel
Gold futures fell 0.6 percent to $1,916.20 an ounce
